- NEXO Token price action breaks above the bearish flag pattern in the daily chart
- The trading volume has grown 150% in the past day as it stands at $32 Million
- The pair of NEXO/BTC is trading at 0.00003569 BTC with an intraday jump of +21.72%
NEXO Token price action gives a bullish breakout of the bearish flag price pattern in the daily chart. The recent price jump indicates that a bullish breakout has the support of a volume burst. In addition, the increase in intraday trading volume indicates a significant burst in buying pressure.
Pivot points analysis has shown that the resistance levels of the token are at $2.5, following $3.0. Therefore, if the price drops below $2.0, sellers could face resistance at $1.80.
NEXO Token trades for $2.30 and has experienced an 18.96% rise in market capitalization within 24 hours. In addition, the intraday trading volume increased by 150% over the last day, which indicates that buyers are growing.
NEXO Token in the 12-Hour chart.
The NEXO token price action in the 4-hour chart shows a dramatic bullish outgrowth. Moreover, the price breaks above the crucial resistance zone near the $2 mark. Hence, projecting the start of a bull run.
This 4-hour chart shows that NEXO tokens are more expensive than any other EMAs. Therefore, these EMAs might act as support and will also help keep underlying bullishness strong.
The RSI indicator suggests a greater underlying bearishness when the slope exceeds 75% in the daily frame.
The ADX indicator projects a rising trend. It also indicates potential for significant momentum.
If the MACD indicator displays the fast and slower lines rising above the zero mark on a 12-hour chart, it is a bullish signal.
Conclusion: NEXO Token believes that the future trend of bullishness in technical perspectives is growing. Indicators and increased buying pressure suggest that bullishness is on the rise. An entry point for bullish traders is the retest of the $2 mark in the 12-hour chart. However, buying at the current market price can also prove profitable.
Support – $2.00 or $1.80
Resistance – $2.5 and $3