NEXO
Nexo Price Analysis: NEXO soured over 11% this week, despite the following Binance listing
- Nexo token is trending slightly above a bullish trend line on the daily price chart.
- The market cap of the NEXO token saw a 5.4% drop in the past 24 hours to $1.15 billion.
- The NEXO crypto related to the bitcoin pair is trading down 4.7% at 0.000054 Satoshis.
For the previous several days, the prices of the NEXO token have shown an extremely fluctuating session indicator. On Friday, the price increased by about 15% in an hour after the largest crypto exchange Binance revealed the listing of Nexo, the native token of the Nexo cryptocurrency lending platform.
The Nexo (Nexo-USD) token increased by 60% early Friday after being published on Binance, the world’s largest cryptocurrency exchange. On the daily price graph, the NEXO token’s price movement has drawn a positive trend line (white) over the previous several days, and the coin’s price is reclaiming it after 2 months.
NAXO price is holding an important level with a presence of $2.08 at the time of writing. Meanwhile, the market cap of the NEXO token fell 5.4% over the past 24 hours to $1.15 billion. Moreover, the NEXO crypto related to the bitcoin pair is trading down 4.7% at 0.000054 Satoshis.
For the past 4 days, the daily price candle of the coin is showing solid bearish sentiment. Now the bulls should attempt a reversal before breaking the uptrend line. However, the trading volume appears to be neutral for the past 3 days at $23.6 million.
Will buyers be able to reverse NEXO from the bullish trendline?
In terms of the daily price chart, the bears were able to pull the price of Nexo token below key EMAs including 20, 50, 100, and 200. The Daily RSI indicator moves towards the oversold area after reversing from the 63 mark. Near the 40 mark, the indicator may give a reversal move. Furthermore, the ADX indicator is rising gradually, which suggests a consolidation in bearish momentum.
Conclusion
Below the trendline, the crypto price could drop to the $1.6 support level at the time the NEXO price is seen near the critical area for traders.
Resistance level- $3.0 and $3.5
Support level- $2.0 and $1.6
