NEXO Technical Analysis: Price Likely to Fall Below Support Levels of $1.47, $1.28, and $1.11

Ankita  |  Sep 21, 2021

NEXO is a lending platform, built on blockchain technology. NEXO is capable of lending you money backed by cryptocurrencies. For passing on the loan in the form of fiat currency or stablecoins, they accept tokens such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). Let us look at the technical analysis of NEXO.

Past Performance

On September 14, 2021, NEXO opened at $1.55. On September 20, 2021, NEXO closed at $1.44. Thus, in the past week, the NEXO price has decreased by approximately 7.10%. In the last 24 hours, NEXO has traded between $1.32-$1.55.

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NEXO Technical Analysis

This narrow range of the last leg of the bitcoin rally can really decide the future of the coin. A breakout from this range will lead NEXO to break the old resistance levels and make new highs. However, as per the current market dynamics where BTC fell by almost around 7% in the last 24 hours. Altcoins will follow the same trend, therefore, let us see what indicators are suggesting.

Currently, NEXO is trading at $1.46. The price has increased from the day’s opening price by almost 3.45%. Thus, the buying pressure in the market seems high.

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the Signal line has occurred. But, the overall market momentum is bearish. Hence, the price may rise at a slower pace.

Currently, the RSI indicator is at 35.15%. It faced rejection at 33% and is taking the support. Thus, buying pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a trend reversal.

The OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the NEXO price.

In short, when we look at all three oscillators, we can say that the price may continue to fall if the price does not break the resistance level of $1.55. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

Day-Ahead and Tomorrow

Currently, the NEXO price is below the second Fibonacci pivot point of $1.50. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $1.47, $1.28, and $1.11, respectively.

The price has tested and fallen below the 23.6% FIB retracement level of $1.50. It may soon fall below the support level of $1.28. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.

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