NEXO coin price breaks above the long-coming resistance trendline with an overnight growth of 12%. Will the breakout-fueled rally reach $3?

Key technical points:
<ul>
 	<li style="font-weight: 400">The coin price surpasses $2.20 mark</li>
 	<li style="font-weight: 400">The stochastic RSI shows early onset of the bull cycle</li>
 	<li style="font-weight: 400">The 24-hour trading volume in the NEXO is $11 million, marking a 91% rise. </li>
</ul>
<h2>Past Performance of NEXO</h2>
NEXO prices surpass the 50 and 200-day EMA as the overnight bullish rally breaks above the highly influential resistance trendline. The 90% growth in trading volume cements the bullish engulfing candlesticks as it surpasses the $2.20 mark. The triangle breakout releases the trapped momentum that may fuel the rally higher to the $3 mark. 

<img src="https://s3.tradingview.com/snapshots/m/M9Cdvjf3.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/M9Cdvjf3/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>NEXO Technical Analysis </h2>
NEXO prices find selling pressure at $2.28, resulting in a wick formation in the daily candle. However, the more than 18 hours left on the clock show a bullish recovery possibility. 

The crucial 50 and 200-day EMAs maintain a merged movement that may shortly diverge to give a golden crossover.  Hence, the expectation of psychological support from the EMAs increases.

RSI Indicator: As the buying pressure increases, the RSI slope shows a spark above the halfway mark.  Moreover, the RSI slope rises above the previous sideways resistance at 60%.

Stochastic RSI Indicator: The K and D lines project an early bullish crossover as the prices surpass the resistance trendline.

In a nutshell, NEXO technical analysis shows projects a high likelihood of a bullish continuation to the $3 mark.
<h2>Upcoming Trend</h2>
<a href="https://www.cryptoknowmics.com/news/nexo-technical-analysis-growth-within-wedge-tease-bullish-breakout/">NEXO</a> coin price skyrockets with the triangle breakout and hints of surpassing the $2.38 resistance level and reaching $2.66 if buyers maintain a firm grip.

Contrarily, closing below the 200-day EMA will invalidate the bullish thesis and result in a downfall of $2.

Support Levels: $2.15 and $2

Resistance Levels: $2.2 and $2.5

NEXO Technical Analysis: Triangle Breakout Unleases Distressed Bulls

NEXO coin price breaks above the long-coming resistance trendline with an overnight growth of 12%. Will the breakout-fueled rally reach $3?

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: Triangle Breakout Unleases Distressed Bulls

Top Picks