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Vikram
Mar 9, 2022
by Vikram

NEXO Technical Analysis: Triangle Breakout Unleases Distressed Bulls

NEXO
NEXO coin price breaks above the long-coming resistance trendline with an overnight growth of 12%. Will the breakout-fueled rally reach $3?

Key technical points:

  • The coin price surpasses $2.20 mark

  • The stochastic RSI shows early onset of the bull cycle

  • The 24-hour trading volume in the NEXO is $11 million, marking a 91% rise. 

    • Past Performance of NEXO

    NEXO prices surpass the 50 and 200-day EMA as the overnight bullish rally breaks above the highly influential resistance trendline. The 90% growth in trading volume cements the bullish engulfing candlesticks as it surpasses the $2.20 mark. The triangle breakout releases the trapped momentum that may fuel the rally higher to the $3 mark. 

    TradingView Chart

    NEXO Technical Analysis 

    NEXO prices find selling pressure at $2.28, resulting in a wick formation in the daily candle. However, the more than 18 hours left on the clock show a bullish recovery possibility. 

    The crucial 50 and 200-day EMAs maintain a merged movement that may shortly diverge to give a golden crossover.  Hence, the expectation of psychological support from the EMAs increases.

    RSI Indicator: As the buying pressure increases, the RSI slope shows a spark above the halfway mark.  Moreover, the RSI slope rises above the previous sideways resistance at 60%.

    Stochastic RSI Indicator: The K and D lines project an early bullish crossover as the prices surpass the resistance trendline.

    In a nutshell, NEXO technical analysis shows projects a high likelihood of a bullish continuation to the $3 mark.

    Upcoming Trend

    NEXO coin price skyrockets with the triangle breakout and hints of surpassing the $2.38 resistance level and reaching $2.66 if buyers maintain a firm grip.

    Contrarily, closing below the 200-day EMA will invalidate the bullish thesis and result in a downfall of $2.

    Support Levels: $2.15 and $2

    Resistance Levels: $2.2 and $2.5

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    Nexo NEXO Token
    NEXO Technical Analysis: Triangle Breakout Unleases Distressed Bulls
    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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