NEXO Technical Analysis: Will Buyers Hold The Fort At $1?
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The NEXO prices sustain the bear market seen last weekend and take support at the ascending trendline to rise above the $1 mark. However, the higher price rejection in the daily candle from $1.20 warns of a downtrend below $1. So, should you expect the breakout rally to sustain above the 100-day SMA?
Key Points:
Source - Tradingview
NEXO Technical Analysis
The NEXO prices maintain the bullish trend that started at $0.50, leading to a support trendline and accounting for a price jump of 80% over the last six weeks. The bull run exceeds 20, 50, and 100-day SMA, with a psychological mark of $1.
The breakout candle of the psychological mark of $1 faces a higher price reduction at a $1.20 resistance level leading to higher price rejection. However, if the prices sustain above the psychological mark, traders can expect a prolonged uptrend this week.
With increased buying pressure, the NEXO market value may rise above $1.20 but might face opposition at the $1.40 resistance level.
Conversely, a bullish failure to hold down the fort at the $1.0 mark will test the ascending support trendline close to the 20-day SMA at $0.93.
Technical Indicators
The RSI slope says things about the halfway line and breaks above the 14-day average line, reflecting an increase in the underlying bullishness.
The MACD indicator displays a bullish crossover between the fast and slow lines as the bullish histogram resurfaces. Hence, the technical indicators project an increase in the buying pressure supporting the breakout rally in NEXO prices.
Resistance Levels: $1.20 and $1.40
Support Levels: $0.93 and $0.80