Nexo is a cryptocurrency token that has been in consolidation for the past few months. This implies that the price of the coin has been fluctuating between certain resistance and support levels, but has not been able to break out. Recently, the NEXO/BTC pair was trading at 0.00002388 BTC intraday, representing a 2.45% increase in value. However, when looking at the yearly price chart it appears that the token has experienced a considerable fall in value over the last 12 months, down 69.09%.
At the start of 2023, the NEXO token price began to show signs of an uptrend. Active buyers present in the market were able to break through both the primary and secondary resistance levels. This shows that there has been an increase in demand for the coin on the market. After reaching the 200-day EMA, the token price fell back below its primary support.
Analysis of the NEXO token price suggests that if the market can provide the necessary buying power, then it may experience a bull market phase in the near future. The 24 hour trading volume of the coin decreased by 23.62%, indicating a possible increase in short-selling. Additionally, the Relative Strength Index (RSI) is rising in the oversold zone and may give an indication of buyer strength in the market. The RSI is currently positioned at 46.37, above the average RSI of 51.10.
At the moment, the MACD and signal line are not producing any clear crossovers which suggests the market is in a state of neutral. If buyers are able to break through the primary resistance of $0.6848 and $0.765, a bullish rally may occur. For this price movement to take place there must be compression of the supply and demand forces.
Nexo price prediction suggests that the current market sentiment is balanced and the cryptocurrency holds potential for growth given the appropriate market conditions. If buyers are able to breach the primary resistance, then the token is likely to experience a bull rally. The current market state is likely to remain neutral until the supply and demand forces accumulate to a tipping point. Investors should remain aware of the support and resistance price levels of $0.624 and $0.553 respectively.
Oliver Martinez
- 2023-04-09
Nexo Price Prediction: Is the Token a Potential Buy?
Read about the current market sentiment surrounding the Nexo token and analyze the price prediction for the rest of 2021. Learn about the support and resistance levels of the token and gain an insight into its near-term future.
