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- The token has shown bearish actions in the previous sessions.
- The pair of NEXO/USDT is trading at the price level of $0.81 with a decrease of -1.08% in the past 24 hours.
The NEXO token has bounced off the $0.59 support level. This level has previously supported the token several times. NEXO is a platform for immediate crypto loans that offers quick access to cash as well as assistance in keeping ownership of one’s digital assets.
NEXO on the daily chart
The token was consolidating above the 50 EMA until it broke out to the upside with a strong bullish candle on the daily time frame. According to the daily chart, the NEXO token is currently trading at $0.81, indicating a loss of 1.08% in the last 24 hours. It is now trading between its key Moving Averages of 50 and 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). The token is facing resistance at $0.85 and is unable to break it.
Relative Strength Index: The asset’s RSI curve is currently trading at 63.31 and is declining after hitting the overbought zone. The rise in the token’s price increased the value of the RSI curve, but now the token is being rejected from the resistance level, forming a bearish candle, and the value of the RSI curve is declining. If the token continues to be rejected and its price falls, the value of the RSI curve will fall even further.
Analyst view & Expectations
The token has bounced off the demand zone and is currently forming bearish candle on the daily chart after facing rejection from the $0.85 resistance level. Investors are advised not to buy and instead to wait for the token to break and sustain above the resistance level on the daily time frame in order to get more clarity on the trend’s direction. Intraday traders, on the other hand, have a good opportunity to go short and book profits based on their risk to reward ratio.
According to our current Nexo price prediction, the value of Nexo will fall by -5.49% and hit $ 0.772774 in the coming days. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 52. (Neutral). Nexo had 17/30 (57%) green days with 8.19% price volatility in the previous 30 days. According to our Nexo forecast, now is not the time to buy Nexo.
Technical Levels
Major support: $0.74
Major resistance; $0.85
Conclusion
According to the price action, the NEXO token is forming a bearish chart pattern. It remains to be seen whether the price will fall below the 50 EMA and rebound off the demand zone, or whether the bulls will take over. Investors should wait for a clear indication before acting.
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.
