- The NEXO token price is trading below the demand zone on a daily time frame.
- The NEXO token price is bearish as it fails to hold the short term demand zone on a daily time frame, after forming a double top pattern.
- The pair of NEXO/BTC is trading at the price level of 0.00004100 with an increase of 1.41% in the past 24 hours.
According to price movement, on a daily time frame the NEXO token price is negative. The overall unfavourable trend in the cryptocurrency currency market appears to have had an impact on the price of the token. Token prices had a severe rejection at the supply zone due to recent bearishness, sliding back to the demand zone.
The price of token has recently started to consolidate below the demand zone. On a daily time scale, the token price is forming lower lows and lower highs. On a smaller time frame, the NEXO token violated the crucial short-term supply zone, which triggered the bearish trend. The 100 and 50 Moving Averages are currently being underpriced by the NEXO token price. Recent bearishness caused the 100 and 50 MA to break down.
As the price of the token rises, these MAs are observed to be strongly rejected. After failing to surpass the upper band, the token price is currently stalled at the lower band of the Bollinger hand indicator. As the price of the NEXO token dropped into the demand range, volumes increased.
The NEXO token price is forming a double top pattern on a daily time frame
Relative Strength Index: RSI curve is currently trading at the level of 31.38. RSI curve is yet to cross the halfway mark of 50. Once the token price breaks the supply zone, the RSI curve can be seen moving upward crossing the halfway mark of 50, supporting the trend of the NEXO token. The RSI curve has also crossed the 14 SMA downward indicating some bearishness before the further upwards movement. If the token continues the fall below the demand zone, the RSI curve can be seen falling further.
Supertrend: The NEXO token price fell as it faces strong rejection from the supply zone. Until now the token price was continuously resting at the super trend buy line but recent bearishness led to a breakdown of the super trend line. As a result, the token price fell and the super trend indicator triggered a sell signal. Moving upward the NEXO token price can be seen facing strong bearish pressure while approaching the supply zone
Average Directional Movement Index: The ADX curve has been falling for the past couple of trading days. The recent fall in the NEXO token price has led to falling in the ADX curve. As of now, the NEXO token price is consolidating below the demand zone, as the ADX curve turns upwards. This could result in a halt in price movement and possible change in it. If the token price bounces off the long-term demand zone, the ADX curve can be seen rising up strongly, supporting the trend.
CONCLUSION: The NEXO token price has fallen below the demand zone on a daily time frame. As per the price action, the NEXO token price is forming a bearish chart pattern. It remains to see if the token price will bounce off the long term demand zone or break it and fall. Investors should wait for a clear signal and then act accordingly.
SUPPORT: $0.642 and $0.592
RESISTANCE: $0.829 and $0.971