Home Price Analysis Price analysis NIX/BTC August, 9th

Price analysis NIX/BTC August, 9th

Latest NIX News

The future is private, and there are tons of projects working towards this goal. However, while most focus on issuing coins, there are few that are dedicated on building platforms for privacy focused dApps. Of the few out there, NIX is perhaps a standout.

Distinct from competitors, NIX is first and foremost a next generation privacy currency and multi-layered interoperability platform. Like ETH or TRX in Ethereum and Tron respectively, NIX fuels the anonymity driven smart contracts and dApps. Because of this and the increasingly apprehensive world, NIX services are on demand despite the low market cap of the coin.

For instance, just recently, the platform welcomed six new contributors and through them, they “will bring extremely valuable knowledge in their respective fields to NIX.” Consequently, their “experience and enthusiasm will push NIX into new markets, platforms and new heights.” This addition is days after the successful network upgrade where Sigma was activated at block height 232,000. Implementation meant NIX is the first network to activate Sigma on its mainnet.

Sigma bring on board “a new level of privacy for the NIX network and introduces its own custom implementation among the many privacy oriented projects with reused technology.” Aside from new level of privacy, Sigma is also part of scaling the network and through it, there is elimination of trusted set-up previously needed with Zerocoin. That’s aside from reduction of on-chain size by up-to 94 percent.

NIX/BTC Price Analysis

At the time of writing, NIX is on a downtrend, shedding 15.4 percent in the last week and 5.5 percent in 24 hours. Changing hands at 1228 Sats, prices are mostly consolidating along a narrow 665 Sats channel with caps at 1754 Sats.

Taking into account that sellers are yet to breach the coin’s all-time lows of 950 Sats last tested on June 26, and from the point of view of effort versus results, there is a tinge of positivity.

Therefore, for bull trend continuation of late June, buyers must surge past 1754 Sats, the immediate resistance level. Propelling this revival must be above-average to high trading volumes exceeding 2.5k of July 28. Only then will buyers muster sufficient momentum for a rally to 3,000 Sats or better in a reflection of the strong gains of June 2019. On the flip side, if there is a spike of trading volumes triggering liquidation below 950 Sats, NIX could slump, registering new 2019 lows.

Chart courtesy of Trading View—KuCoin

Disclaimer: Views and opinions expressed are those of the author and is not investment advice. Trading of any form involves risk. Do your research.

Dalmas Ngetich
Dalmas is a very active cryptocurrency content creator and a highly regarded technical analyst. He has worked in various media as an analyst. He is passionate about blockchain technology, the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through writing about his knowledge and analysis of coin price charts.
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