NEXO
Nexo Price Analysis: NEXO Still Caught in the Horizontal Range, What’s Next?
- Nexo Price has been consolidating inside the horizontal range-bound area over the daily chart.
- NEXO crypto is trading at 20 and 50 EMA but still below 100 and 200-days daily moving average.
- The pair of NEXO/BTC is at 0.00004598 BTC with an intraday gain of 0.18%.
The price of NEXO underwent a number of notable variations in the course of a single day. Before attempting to reverse course inside the consolidation phase, the cryptocurrency initially established a negative trend on the daily chart. The token then began an amazing ride on a roller coaster. As the token searches for support at a higher level during the consolidation phase, the NEXO currency is currently attempting to maintain its upper range. In order to see the token exit the consolidation period, bulls on Nexo must gather.
Nexo’s market value decreased by 1.73% from yesterday to $0.9044 CMP. Throughout the day, the number of transactions has increased dramatically by 9.37%. This demonstrates that bulls are making an effort to congregate to see the cryptocurrency’s integration. The volume to market cap ratio is 0.01699.
On the daily price chart, the NEXO coin’s price is attempting to break out of the range-bound area. The token aspires to defy convention by getting more affordable. A single NEXO coin has always cost between $0.80 and $1.05. To move NEXO outside the range, a larger-than-average volume change is required. However, bears can buck the trend and move the coin further than it is right now.
What do Technical Indicators suggest about NEXO?
NEXO is moving toward the bottom trendline of the consolidation phase as seen on the daily price chart. To exit the range-bound zone, the cryptocurrency must be moving aggressively in the bullish direction. The decreasing velocity of the NEXO coin is shown by technical indicators.
The Relative Strength Index shows NEXO Coin’s bearish momentum. The RSI is barely below neutrality at 45. On MACD, the NEXO coin’s downward momentum may be detected. The MACD line is lower than the signal line following a negative crossover. Investors in NEXO must keep a close eye on the daily chart for any changes in trend.
Conclusion
The price of NEXO underwent a number of notable variations in the course of a single day. Before attempting to reverse course inside the consolidation phase, the cryptocurrency initially established a negative trend on the daily chart. The token then began an amazing ride on a roller coaster. As the token searches for support at a higher level during the consolidation phase, the NEXO currency is currently attempting to maintain its upper range. To move NEXO outside the range, a larger-than-average volume change is required. However, bears can buck the trend and move the coin further than it is right now. The decreasing velocity of the NEXO coin is shown by technical indicators. Investors in NEXO must keep a close eye on the daily chart for any changes in trend.
Technical Levels
Support Level: $0.85 and $0.80
Resistance Level: $1.05 and $1.10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
