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- The NEXO token finally broke the resistance level last night.
- The NEXO token is looking above major moving averages such as 20, 50, and 100.
- The market cap of the altcoin has increased by 8.5% to $575 million in the last 24 hours.
Over the weekend, the NEXO coin seemed to be on the rise. After breaching the small sideways range, the NEXO token is doing nicely. In the midst of the struggle, buyers held the house price well above 2022 lows despite appearing unduly aggressive during the sudden decline in June.
In July, the bears made multiple efforts to set a new low, but then every sell-off gave the bulls an opening. After a bullish breach of the tight range breakout, the bulls are aggressive. As a result, the cryptocurrency is currently trading at $1.03 vs USDT.
After a prolonged movement, buyers finally broke the conceptual round level of $1.0, which could act as immediate support. Besides, the $1.4 mark is still a major hedge for the bears. Meanwhile, the market cap of the NEXO token has increased by 8.5% to $575 million in the past 24 hours according to CMC.
During the breakout of the resistance level, speculators saw a 250% increase in trading volume last night. Furthermore, the NEXO token is in the 8.9% high zone at 0.00004169 satoshis with the bitcoin pair.
Bulls Have Set Their Hedge Zone at 100-DMA
In terms of the daily price scale, the coin is looking above major moving averages such as 20, 50, and 100. In the upcoming trading session, buyers can hardly manage to keep the asset prices above the 100-DMA. Moreover, Stoch RS remains in the overbought zone.
Conclusion
The NEXO token has been on an upward trend for the past several days. Buyers also registered a 30-day high above the key volatility level of $1.0. Now there is an opportunity for the bulls to push the asset price above the support level.
Resistance level– $1.4 and $2.0
Support level– $1.0 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 do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
