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- The NEXO price has been consolidating into the ascending triangle pattern for the past several months.
- The NEXO token is making inside the candle in the weekly price chart.
- The NEXO/BTC pair price is slightly bearish by 2.26% at 0.00005254 Satoshis.
NEXO Token is up almost 650% over the last year and noted an all-time high of $4.12. Since that peak, cryptocurrency has been declining. Over the past several weeks, NEXO Token price behavior has been forming high-lows and low-highs, suggesting a symmetrical triangle pattern on the weekly price chart.
Despite NEXO Token investors holding the cryptocurrency price of Barely above the crucial support level of $1.6, bears attempted to pull the crypto price down several times. Meanwhile, at the time of writing, the NEXO token is down 2% at $2.135 (according to Tradingview). Nonetheless, NEXO is trading up 2.2% in the red zone with the bitcoin pair at 0.000005254 Satoshis.
However, liquidations are less likely than in other sessional months. Hence, the token is unable to break out of this triangle pattern. Thus, the token has gained around 16% trading volume over the last night. The volume to market capitalization ratio is 0.006857. Moreover, the NEXO token is trading above the 50-day EMA and below the 200-MA line in terms of the daily price chart.
What will be next; breakout or breakdown?
As per the Fibonacci Retracement, bulls need to keep NEXO price above $2.5 (which is 0.5-level Fibonacci); below this level, buyers will continue to struggle to dominate the NEXO trend.
The Stoch RSI is near an overbought area in terms of the daily price chart. The indicator has broken above the short term descending trend line (white), and is ready for a move towards the 100-mark. Furthermore, the Average Directional Index is declining gradually and is approaching 11-point, which suggests an extreme sideways movement.
Conclusion
We should wait for this symmetrical triangle pattern to break; after that, we should plan the next move. The bulls can possibly win the game as the NEXO token is just below the upper limit.
Resistance level- $0.95 and $1.4
Support level- $0.60 and $0.40
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.
