NEXO Technical Analysis: Growth Within Wedge Tease Bullish Breakout
Nexo was created by a group of crypto enthusiasts and finance professionals. They used blockchain to build the cryptocurrency equivalent to an established service in traditional finance. But it remains absent in digital finance borrowing against the value of your assets while maintaining the ownership.
Nexo is a blockchain-based lending platform that offers users instant cryptocurrency-backed loans. The users deposit a cryptocurrency like Bitcoin, Ether, Litecoin, or XRP as collateral in order to get an amount of money that is in an unofficial currency or stablecoin.
Let us move ahead to read about Nexo technical analysis.
Past Performance of NEXO
The NEXO coin price grows more than 10% in the past 24 hours as it spikes within the falling wedge pattern in the daily chart. The coin price struggles to rise above the $12.5 horizontal zone despite the solid bullish engulfing candlestick. However, the increased trend momentum might soon result in a lower price rejection to reach the resistance trendline.
NEXO Technical Analysis
The NEXO coin price action shows the formation of lower highs within the falling wedge pattern reflecting a subtle rise in underlying bearishness. However, with the greed back in the crypto market, the bulls might soon overtake the sellers at the $2 market.
The crucial Exponential Moving averages show the 50 and 100-day average line giving the bearish crossover in the daily chart. Therefore, the price jump might be seen coming as a retest of the crossover.
The MACD indicator shows the MACD and signal lines give a bullish crossover in the negative territory. Moreover, the start of rising histograms indicates a rise in underlying bullishness.
The Stochastic RSI indicator shows positive growth in the K and D lines after the recent bullish crossover. Therefore, the indicator reflects a rise in buying pressure and suggests a bull run above $2.
In conclusion, with the technical indicators combined with the price action, the NEXO token might soon reach the resistance trendline of the falling wedge.
Upcoming Trend
The NEXO Technical Analysis shows the coin price rising in underlying bullishness evident by the jump within the falling wedge pattern. Therefore, the upcoming trend might soon break above the resistance trendline to continue the bull run.
The price action reflects crucial resistance levels at $2.40 and $2.60 above the falling wedge. And, on the lower side, the support levels at $1.75 and $1.50.
At press time, the sentiment chart gives a "SELL" signal for the NEXO token.