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Vikram
Apr 11, 2022
by Vikram

NEXO Technical Analysis: Bearish Influence Grows On Rising Channel 

NEXO
NEXO coin price shows a bearish reversal in the rising channel with increased trend momentum, indicating a potential fall to the 200-day EMA.

Key technical points:

  • The NEXO price action shows higher price rejection at the $ 2.40 mark. 

  • The EMAs retain the bullish alignment in the daily chart. 

  • Finally, the 24-hour trading volume of NEXO is $15.03 Million, marking a 7.86% fall.

    • Past Performance of NEXO

    NEXO coin prices showcase a rising channel pattern starting from the $1.89 mark to the psychological barrier at $2.50. The increasing channel helped inflate the prices by 26% in the last month; however, the momentum-packed reversal from the psychological barrier loads multiple bearish punches to the support trendline. 

    TradingView Chart

    NEXO Technical Analysis 

    The higher price rejection projected in the daily NEXO candles reflects the increased selling pressure. Hence, the increased selling activity brings a higher likelihood of the support trendline fallout.

    The crucial daily EMAs maintain a bullish alignment in an uptrend and provide multiple support levels in the daily chart. 

    RSI Indicator: The RSI slope shows a sudden reversal from the overbought boundary resulting in the lower low formation projecting increased selling pressure. Moreover, the downtrend breaks below the 14-day SMA and approaches the halfway mark. 

    MACD Indicator: The MACD and signal lines regain the bearish status and approach the zero line with the recent crossover. Furthermore, the intensity increases of the bearish histograms reflecting growth in underlying bearishness. 

    In a nutshell, the NEXO technical analysis highlights the increasing possibility of channel fallout. 

    Upcoming Trend 

    NEXO coin price faces an increased selling pressure as the prices creep into the support confluence of the support trendline and the $2.40 mark. Hence, closing below the horizontal level will illuminate a selling point with a downtrend potential of reaching the 200-day EMA at $2.15.

    Support Levels: $2.40 and $2.15

    Resistance Levels: $2.5 and $2.65

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    NEXO Technical Analysis: Bearish Influence Grows On Rising Channel 
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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