$ 117,935.9
BTC
6.16 %
$ 2,999.60
ETH
7.93 %
$ 0.7125
ADA
13.28 %
$ 688.01
BNB
2.47 %
$ 163.76
SOL
3.58 %

Peter Oleshchuk
Apr 29, 2022

NEXO Technical Analysis: Go Ahead To A New Historical High

NEXO
Even in difficult times, you can find truly strong ones- great words that are suitable for both people and cryptocurrency projects. Given the depression of cryptocurrency investors, there are still projects that have survived the correction of November 2021 and are waiting for an opportunity to form a new growth wave. One such cryptocurrency is NEXO.

NEXO

In the weekly timeframe, we see that the price has actually been moving in global consolidation since May 2021. Each time the range of trade decreases, indicating the approach of a strong impulse. Now the NEXO price is moving towards the upper trend line of the triangle. Looking at how the weekly candle from 25 April is formed, May should be in favour of buyers. The main target is $3.5. If in this mark we see activation of buyers and sticking of the price - we will expect breakdown of a global triangle and updating of a historical high. In this case, the next important target for buyers is at $4.91.

Technical Analysis Of NEXO On The Daily Timeframe

TradingView Chart

On the day of 29 April, when the BTC price is steadily falling and dragging the entire market, the NEXO cryptocurrency showed a 20% price growth. During the day, buyers were able to level the weeks of efforts of sellers and move as far as possible to the test of $3.5. Given the beginning of the acceleration of the NEXO cryptocurrency and the increase in trading volumes, buyers have every chance to break this mark and complete the triangular consolidation.

However, in any case, if you have an investment in the NEXO cryptocurrency around $3.5, you should close some of them. Probability is probability, but so far there is no sure break of the $3.5 mark and fixing the price above it. The chance of continuing consolidation and re-testing the lower trend line of the triangle near the $2 mark remains high.

The NEXOBTC Price Has Firmly Established Itself At The Top Of The Growth Channel

TradingView Chart

The weekly timeframe of the NEXOBTC price movement is even more inspiring for the idea of ​​updating the historical high. First, buyers were able to keep the price above the global middle line of the growth channel. The NEXOBTC price has been moving in this channel since August 2019. The NEXOBTC price has undergone all the correction in a narrow consolidation after a strong growth impulse. This is a reliable signal of the strength of buyers and ambitions to continue to grow to 0.000132.

While under the control of buyers is the range of 0.00005 - the scenario of continued growth and the historical high update will be the main. In the range of 0.00005 you can expect the price of NEXOBTC in case unexpected situations in the cryptocurrency market. At this time, the price can quickly slip into the liquidity range and help investors enter the market and increase their investment at the right price.

NEXO Technical Analysis: Go Ahead To A New Historical High
Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.