<b><i>NEXO coin price action consolidates close to a long-coming resistance trendline of a descending triangle. Will the bulls surpass the threshold?</i></b>

<span style="font-weight: 400">Nexo is the first-ever provider of instant cryptocurrency-backed loans that intends to solve inefficiencies in the lending market. The automated lending process makes use of intelligent contracts, as well as, an Oracle that runs on the Ethereum blockchain to manage loans.</span>

<span style="font-weight: 400">When a customer transfers money to a Nexo-controlled account, an oracle is able to establish the loan, and the borrower receives the funds immediately. If the user makes a payment to pay back this loan system returns the cryptocurrency and registers each transaction in the blockchain. </span>

<span style="font-weight: 400">Let us move ahead to read about NEXO technical analysis.</span>
<h2><b>Past Performance of NEXO</b></h2>
<span style="font-weight: 400">NEXO coin price action jumps more than 20% from the demand found near the $2 mark. The rally rests close to the resistance trendline as it consolidates within the range of 12th January daily candlestick. The range is between $2.15 and $2.35, and a bullish reversal is seen within the range, teasing a possible breakout opportunity. </span>

<img src="https://s3.tradingview.com/snapshots/u/UVs8vb18.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/UVs8vb18/"><span style="font-weight: 400">NEXO/USD Daily Chart</span></a>
<h2><b>NEXO Technical Analysis</b></h2>
<span style="font-weight: 400">The breakout of the consolidation range will bring the breakout of a descending triangle pattern. The post-breakout rally can drive the NEXO prices past the $3 milestone and reach the $3.5 mark. Therefore, the potential breakout can result in a price jump of more than 40%. </span>

<span style="font-weight: 400">The long-coming correction phase finally breaks above the Volume Weighted Moving Average (VWMA) after multiple bullish attempts and a fakeout in early January. The NEXO coin price rests above the VWMA in the daily chart, reflecting increased chances of a bullish breakout. </span>

<span style="font-weight: 400">The </span><b>Momentum </b><span style="font-weight: 400">indicator shows a positive value of 0.31 reflecting a bull run in action as the slope breaks above the zero line. Moreover, the spike in the slope reflects a solid bullish momentum. </span>

<span style="font-weight: 400">The </span><b>MACD indicator</b><span style="font-weight: 400"> shows a bullish crossover of the MACD and signal lines below the zero line in the daily chart. The lines rise higher in a bullish alignment towards the zero line despite shaking the fast line. </span>

<span style="font-weight: 400">Therefore, the technical indicators side with the bullish powers teasing a bullish breakout in the NEXO coin. </span>
<h2><b>Upcoming Trend</b></h2>
<span style="font-weight: 400">The NEXO coin price shows an increased price momentum and a boom in buying pressure that may soon break above the short-term consolidation. Therefore, the breakout of the descending triangle seems imminent. </span>

<span style="font-weight: 400">A post-breakout rally can drive the coin past the psychological resistance mark at $3. Therefore, traders can shortly find a breakout opportunity. </span>

<span style="font-weight: 400">The NEXO coin price chart suggests the next resistance levels at $2.65 and $3 after the resistance trendline. Moreover, the support levels are at $2 and $1.78.</span>

At the time of writing, a "BUY" signal indicating a rise in bullish sentiments is given by TradingView.
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NEXO Technical Analysis: Consolidation Breakout Teases 40% Jump

NEXO coin price action consolidates close to a long-coming resistance trendline of a descending triangle. Will the bulls surpass the threshold?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

NEXO Technical Analysis: Consolidation Breakout Teases 40% Jump

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