Nexo Price Prediction: Will NEXO Come Out of Consolidation?

• Nexo is currently trading at $0.6716 with an increase of 3.08% intraday and is consolidating between its primary support and resistance.

• The 24-hour low for NEXO was $0.6429 and the 24-hour high was $0.6734.

• Current Nexo price is below the 20-, 50-, 100-, and 200-Day EMAs.

The NEXO/BTC pair was trading at 0.00002388 BTC intraday, representing a gain of 2.45%. NEXO token price experienced a huge fall of 69.09% last year. Amid strong selling pressure in the market, NEXO token was hovering around its primary support level of $0.624 at the end of 2022.

However, from the start of 2023, the NEXO price is on an upward movement on the back of accumulated buyers active in the market. The active buyers that were present in the market helped the token in breaking out of the primary and secondary resistance which indicates that the demand for the token was steadily increasing since the start of the year.

After the token reached its 200-Day EMA which was acting as the tertiary resistance for the token, the sellers pushed down the token below its primary support as can be seen over the daily time chart. However, the formation of the morning star candlestick pattern after the downtrend might be the cause of the previous uptrend. Later NEXO token again got rejected by its secondary resistance of $0.7650 which shows that the zone above the secondary resistance is acting as the distribution phase or the supply zone.

Nexo price prediction suggests that if the token successfully breaks out from its consolidation phase with the help of buyers, then it may show a bullish rally on the chart. This means that NEXO price could potentially rise in the near future if there is enough demand from buyers to drive the price upwards.

Source: NEXO/USD by Tradingview

The trading volume of the coin decreased by 23.62% in the last 24 hours, meaning that short-selling in the market has increased. Sellers are trying their best and there is no evident relationship between the volume and the price of NEXO.

Nexo Price Technical Analysis

Source: NEXO/USD by Tradingview

The Relative Strength Index (RSI) is increasing in the oversold zone and might show a positive crossover over the daily time frame chart wherein the buyers are in the majority in the market and are pushing NEXO upwards. This shows the strength of the current bullish trend. The current value of RSI is 46.37, which is above the average RSI value of 51.10.

The MACD and the signal line are intersecting near zero but do not show any definitive crossover on the daily chart.

Conclusion

Nexo price prediction suggests NEXO’s daily chart may witness an upward rebound if buyers successfully breach the primary resistance. The sudden increase in the trading volume shows positive market sentiment toward NEXO token.

RSI is increasing and might show a negative crossover over the daily trading chart which shows strength in the current bearish trend. MACD and the signal line are stranded near zero, highlighting market neutrality.

Technical Levels

Resistance level- $0.6848 and $0.765

Support level- $0.624 and $0.553

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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