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- 1 NEXO price prediction suggests that the crypto might perform well in 2024 and may participate in the bull run.
- 2 Nexo token price displayed a V-shape recovery and reached the March 2023 high.
- 3 The EMAs in the Nexo cryptocurrency displayed a golden crossover.
NEXO price prediction suggests that crypto might perform well in 2024 and may hit a new swing high. It formed a bullish continuation pattern and the price reached the March 2023 high.
Nexo price showed a V-shape recovery and succeeded in breaking out of the $0.700 hurdle. It triggered the positive sentiment and added fuel to the rally.
Meanwhile, the buying volume also surged and the price also followed the same direction. It shows that genuine investors had taken long positions and were expecting an outperformance.
The 50-day EMA positively intersected with the 200-day EMA and the price sustained above it indicating an uptrend. The price behavior of the Nexo coin is quite stable indicating speculative activities are low so it increases the reliability of the breakout.
On the higher side, $0.800 is acting as an immediate hurdle for the bulls. Until it is taken out, the price may spend time in the consolidation range.
Currently, NEXO price is trading at $0.745 with an intraday decline of -0.13%. In the last 24 hours, the trading volume increased by 75% and the volume to market cap stands at 4.54%.
Will Nexo Price Consolidate for Sometime or Continue the Rally?
NEXO price prediction suggests a rise in the long term and bulls will lead the rally. However, for the short-term, Nexo crypto may spend some time in the consolidation before resuming the rally.
Till the Nexo price sustains above $0.600, the possibility of reaching $1.00 remains high. Any minor correction toward the EMA will have a high probability of getting bounced so the downside risk remains low.
The buyers look more aggressive as compared to the sellers. So, investors may look to play bullish bets and stay with the trend.
Will Nexo Price Hold the Recent Gains?
Nexo price rose for six consecutive weeks and recovered losses of the last 8 months. The recent upmove looks reliable and powerful so the price is likely to sustain a higher level in the coming months.
The MACD curve slopes down indicating that the price lacks momentum and is trading in the range. The RSI curve at 56 reverses down from the overbought territory. If the price declines further, then it may enter the neutral zone.
The supertrend favors the bulls and suggests that till the price holds the $0.671 level, the trend will remain upward.
Conclusion
NEXO price prediction stays bullish for 2024 and suggests this crypto will participate in the next bull run. Presently, the price is consolidating near the March 2023 high and buyers are trying to expand the range.
The analysis says the Nexo price is in an uptrend and has the potential to go beyond $1.00 in 2024.
Technical Levels
- Resistance levels: $0.802 and $0.947
- Support levels: $0.679 and $0.600
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They 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.
