- NEXO token shows a bearish crossover of the 100 and 200 EMA in the daily time frame chart
- The NEXO/BTC pair was trading at 0.00028 BTC with a gain of 4.18%
- The 24 hr trading volume in NEXO is $13.6 Million, indicating a 2.07% hike
NEXO Token displays the formation of a bearish pennant in the daily timeframe. This pattern is a good indicator of a downtrend breakout and offers excellent opportunities for short traders. However, the coin is still resonating inside the triangle portion of the pattern, and only a proper breakout from its trendlines will determine the final trade decision.
The NEXO token’s price is trading higher than the EMAs 20, 50, 100, and 200, indicating a bullish trend. However, the chart also shows a bearish crossover between the 100 and 200 EMA, luring even more sellers to this coin.
The RSI value (BULLISH) is 55, indicating a slightly bullish sentiment about this token.
NEXO Token Displays A Consolidation Phase In Its 4hr Time Frame
For more than two weeks, the NEXO coin has been resonating between the $1.58 and $1.8 levels, creating a small range in its chart. Right now, the coin price is near the resistance trend of the bearish pattern, and in the ideal case scenario, it should travel back to the bottom support trendline. The NEXO token’s current price is $1.76, with an intraday gain of 17.17%. Respecting the current price action, the MACD indicator shows both the MACD line and signal lines are wavering around the neutral zone (0.00), confirming a steady sideways rally in this lower time frame chart.
Conclusion: from a technical perspective, the overall trend for the NEXO coin is still sideways. However, as mentioned above, this consolidation phase could be a preparation for a strong direction move, and crypto should be patient until the price gives a proper breakout from either of the pattern’s trendlines.
Support – $1.58
Resistance – $1.8