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- NEXO Coin price prediction: The coin has been in a downtrend since falling below its all-time high.
- The bears have taken the support of the 50 EMA to push the price below its current support level.
- The RSI has been in neutral territory for 4 months, while the MACD shows a downtrend
NEXO coin, which was launched in 2018, experienced a huge surge in its price during the days of April 2022. It reached an all-time high of $3.15. However, the Bullish rally was pulled down to the bottom. By the end of June, the NEXO coin price had already dropped to $0.56. It experienced a decline of over 80% from its all-time high in just 2 months.
Fast forward to July 2022, NEXO entered a period of consolidation. The bears and bulls took the coin on a roller coaster ride, breaking supports and resistances. The consolidation seems to be turning into a slight bearish trend. The 50 Exponential moving average (EMA) shows a bearish trend.
NEXO Coin Price Technical Analysis and Prediction
Despite experiencing a downfall for more than a year, NEXO managed to maintain its position among the top 100 cryptocurrencies by market capitalization. At the time of writing, the NEXO coin price is at the level of $0.56. The bulls are getting rejected by the 50 EMA as the trend stays bearish.
However, the current price has crossed its immediate support level of $0.57. It is likely to back up as this zone is historically a strong demand zone. If things go south, a round-off level is made at $0.45. On the other hand, the immediate resistance is at $0.77 and the 2nd resistance is at $0.94.
What are the indicators showing?
Apart from supports and resistances, indicators like MACD are showing a downfall in the trend after they fell from their neutral 0 levels during August of this year. at present the MACD line is at the level of -0.02 while its Exponential moving average (EMA) line is above showing a downtrend.
On the other hand, the Relative Strength Index (RSI) has seen a sideways movement since April of this year. As a result of a decline in the volatility of the NEXO coin. At present it is in the neutral territory of 41. Its Simple moving average (SMA) line is above 44.
Furthermore, the EMAs of the NEXO coin have been in a slight downturn since the downfall. The 50 EMA is at the level of $0.62 while the 200 EMA is at the level of $0.75.
Conclusion
The price prediction of the NEXO coin will be bearish if the bulls are not able to reclaim the support level. However, the immediate support is strong, but the 50 EMA is near it pushing the bulls down. If the coin reclaims the support level, the next target will be its immediate resistance at $0.77. The coin’s value may fall to $0.45 if the downfall does not stop at the immediate resistance.
Technical Levels
Support:$0.57, $0.45
Resistance: $0.77, $0.94
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
