Naga coin cryptocurrency is confined within a range since February 25-26 and it looks like a breakout is imminent from a technical analysis perspective.
April 09, 2019. AtoZ Markets – Nagacoin is one of the cryptocurrencies created just as the crypto market entered into the 2018 bearish phase. Though the entire market is recovering, coins and tokens like Naga will need more time to find their feet on the ground. NAGA (NGC) is a crypto token built on the Ethereum platform with a market cap of close to $4 million which made it ranked on Coinmarketcap.
NAGA was developed for trading and investment in financial markets, virtual goods and cryptocurrencies. NAGA was offered to purchase or participate in the services and other products of the NAGA group.
How the cryptocurrency bearish run affects NAGA
Naga rose as high as $4.33 with almost $200 million in market capitalization in December 2017 /January 2018. However, the ERC20 crypto asset lost much of this in the bearish phase just like other crypto assets. The market seems to have started a recovery phase in which many analysts have called for new all-time highs for cryptos. Currently, NGC exchanges for 6 cents after losing 2 cents in the last week and has gone sideways to complete a familiar price pattern.
NGC price pattern analysis
The chart above shows that price has not left the bearish zone yet but seemingly close to a bottom. After the quick rally to 12 cents was quickly followed by a fast dip, the price has gone sideways to complete a triangle pattern. Given the fact that the trend is still bearish, the triangle breakout could happen downside before a big surge follows. In rarer occasions, the price can break in the opposite direction. A break above 12 cents, therefore, would see NGC confirming its way toward recovery.
Please share your thoughts with us in the comment box below.