- The NEXO token price is hovering around the supply zone on a daily time frame.
- The NEXO token price is forming a flag and pole pattern on a daily time frame.
- The pair of NEXO/BTC is trading at the price level of 0.00004756 with an increase of 1.25% in the past 24 hours
The NEXO token price is trading at the demand zone on a daily time frame, as per the price action. The token price faced the strong bearish pressure that prevailed in the market during the past week which led to a fall in the price of the NEXO token price. The NEXO token price showed a one-sided bullish rally and started falling from the supply zone. The NEXO token price is forming higher high and higher low formation on a daily time frame. The token price can be seen rising if it is successfully able to break out of the supply zone. At present, the token price is trading above the 50 and 100 Moving Averages. The recent bullish rally has resulted in the token price breaking out of the 50 and 100 Moving Averages. Moving upwards the token price can be seen resting at these important MAs during the pullbacks. Currently, the token price is trading at the middle of the Bollinger band indicator after failing to surpass the upper band. The range of the Bollinger Band indicator has narrowed indicating a strong move on the breakout side. Volumes have increased as the token price bounced off the demand zone strongly. Investors should remain cautious as volatility has increased due to recent big moves.
The NEXO token price is forming a flag and pole pattern on a daily time frame
Relative Strength Index: RSI curve is trading at the price of 45.74 as the token bounces off the demand zone. At present, the RSI curve has crossed the 20 SMA. The token is forming higher low and higher high formation on a 4-hour time frame as the token shows bullishness in the higher time frame. The NEXO token price can be seen moving if it sustains the recent gains and breaks the supply zone and if it does then the RSI curve can be seen moving even higher up supporting the trend, crossing the 50 halfway mark.
Supertrend: The NEXO token price has managed to sustain the supply showing a very brief fall from the supply zone. Before the current consolidation token showed a strong bullish rally which led to breaking out of the super trend sell line. Earlier the super trend sell line was acting as a strong resistance. The recent breakout has resulted in the super trend indicator triggering. a buy signal. Moving upwards the super trend buys line can be seen acting as strong support.
Average Directional Movement Index: ADX has been continuously dipping as the token price trades in a bearish trajectory on a weekly time frame. As of now, the token price is trading at the important supply zone. The breakout of the supply zone can act as a strong demand zone in the coming days. At present, the token price is trading in a small range on a 1-hour time frame, and if the same continues the token price can be seen breaking on either side, triggering strong moves in the upcoming days. The ADX curve has dipped out of the 20 mark.
CONCLUSION: NEXO token price is in an uptrend on a daily time frame. While on a smaller time frame the token is consolidating in a small range. The technical parameters are also seen supporting the trend as they turn bullish. Investors should wait for a confirmation of proper bounce back and then act accordingly.
SUPPORT: $0.850 and $0.830
RESISTANCE: $1.120 and $1.320
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.