NEXO Technical Analysis: Will NEXO Avoid A Fall Below $0.50?
Table of contents
Key Technical Points:
Past Performance of NEXO
The NEXO price shows a bullish reversal from the $0.56 support level resulting in a price jump to the $0.73 resistance level. However, the increased selling pressure forms a falling channel pattern and warns of a retracement to the psychological mark of $0.50. Additionally, the falling channel pattern accounts for a downfall of 30% and shows a recent rejection from the resistance trendline.
Source - Tradingview
NEXO Technical Analysis
The NEXO price action shows an increase in selling pressure evident by the volume indicator supporting the reversal from the resistance trendline. Hence traders can shortly find the prices testing the psychological support level of $0.50.
The MACD indicator shows a bullish trend attempting to surpass the zero line, but the following trend in the positive histograms leads to a lateral change. Hence the technical indicator shows a weakness in the underlying bullishness.
Furthermore, the RSI indicator shows a rise in the underlying bearishness as the slope retraces to the 14-day SMA.
In a nutshell, the NEXO technical analysis displays a high likelihood of a downtrend continuation within the falling channel pattern to test the $0.50 support level.
Upcoming Trend
If the selling pressure grows within the triangle pattern, a bearish breakout of $0.50 will lead to the falling channel breakout. Traders can expect the bullish, bearish breakout rally to reach the $0.35 mark.
Conversely, the resistance trendline breakout will lead to a price jump to the $0.75 resistance level.
Resistance Levels: $0.65 and $0.75
Support Levels: $0.50 and $0.30