NEXO Technical Analysis: Uptrend Aims At $2.38 Within Channel

Key technical points:

Past Performance of NEXO

As mentioned in our previous article, the NEXO coin price breaks above the symmetrical triangle pattern resulting in a rally of 17% from the support trendline at $1.90. The rally forms a rising channel pattern showcasing a recent overnight price jump of 4.38% after failing to surpass the $2.28 resistance level. 

Source-Tradingview

NEXO Technical Analysis 

NEXO coin price shows an uptrend continuation, with the parallel channel fueling the buying pressure at the support trendline. Hence, the ongoing rally may shortly surpass the $2.28 mark to reach the upcoming confluence of resistance at $2.38.

The crucial EMAs (50, 100, and 200) regain the bullish alignment as the bullish spread of the 50 and 200-day EMA undermines the death cross and brings a golden crossover. However, the 50-day remains below the 100-day EMA, and a potential crossover will boom the buying pressure. 

RSI Indicator: The RSI slope continues the uptrend journey with the higher high formation, thanks to the constant support of the 14-day SMA, which has surpassed the halfway mark. 

MACD Indicator: The MACD and signal lines show a massive spread while maintaining the bullish alignment in the daily chart. Furthermore, the MACD histograms regain bullish momentum.

In a nutshell, the NEXO technical analysis shows a bullish bias and hints of an uptrend continuation to the $2.38 mark.

Upcoming Trend 

NEXO coin price shows the buyers are strengthening their grip over trend control as the rally attempts to break above the $2.28 resistance level. Moreover, the demand near the support trendline helps attract new buyers, which fuels the uptrend. 

Support Levels: $2.15 and $2

Resistance Levels: $2.38 and $2.65