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- The NEXO token is looking bullish and a further breakout of the $1.0-resistance is likely.
- The NEXO crypto is struggling near the 100-day moving average on the daily price scale.
- The bitcoin-related NEXO token is up a little 3.5% at 0.000039 Satoshis.
The NEXO token is performing well after breaking the narrow sideways range. Buyers looked overly aggressive while there was a sharp fall in June, so they kept the asset price above the 2022 low amid the battle. The bears had several attempts to register another low in July, but each selloff created an opportunity for the bulls.
Price action formed a triple bottom formation before a rally near the $0.55-support level. The $0.55 to $0.57 area is seen as a major hedge for buyers. On the other hand, the conceptual volatility level at $1.0 is acting as a strong resistance. Above the most immediate resistance, buyers could see a further 40% rally.
At the time of writing, the NEXO token is trading at the $0.94 mark. Volatility may increase near the $1.0 mark. Meanwhile, trading volumes are gradually reducing, resulting in a 29% drop in the last 24 hours for speculators. Additionally, the bitcoin-related EXO token is up a little 3.5% on 0.000039 satoshis.
RSI Indicator May Give Selling Sign adead
The crypto is struggling near the 100-day moving average on the daily price scale. Conversely, the 20 and 50 DMAs are moving below the current price of the altcoin. The RSI indicator started moving in the overbought zone. Similarly, MACD sees positive territory.
Conclusion
The NEXO token is near a critical volatility area of $1.0. Buyers are ready to pull back near the resistance level. However, traditional indicators give bullish signals for NEXO Crypto
Resistance level– $1.0 and $1.3
Support level– $0.70 and $0.55
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
