- Nexo (NEXO) price slid 0.34% on the past day and currently trading at $0.06143
- Nexo (NEXO) whale holding data states that whales hold a major portion 86.9% of the total supply with a significant rise of 3.66% in the past 1 year.
Nexo (NEXO) is a leading institution for digital assets. It offers a wide range of products to enhance the value and use of crypto, such as advanced trading solutions for different clients. Nexo started in 2018 as a lending platform with high collateral and then expanded its services to cover various crypto verticals.
Nexo’s price is currently trading at $0.06143 with a decline of 0.34% in the past 24 hours. According to coinmarketcap data, Nexo cryptocurrency holds a total market cap of $344.23 Million and ranks at 94th position in the crypto market. It has received a $1.7 Million volume in the past 24 hours which is 42.13% less than the previous day. Also, It has over 560 Million circulating supply which is 56% of the total supply. The volume to market cap ratio of NEXO coin is 0.49% which indicates very low volatility in the market.
Nexo Price Prediction Using Price Action Strategy
As per the price prediction of Nexo cryptocurrency in the weekly timeframe, It was observed to be in a long-term downtrend. The price is forming a descending triangle pattern with horizontal support at $0.555 and Trendline as a resistance.
Currently, the Nexo cryptocurrency price has shortened its range of trading and the price is consolidating above the demand zone and forming several doji candles.
The direction of the price is indecisive as of now whether it will break out or break down. Also, As observed from the volume data the Nexo coin is receiving a very low volume due to which the price is unidirectional. However, the price is getting rejected from 50 and 100-EMA, which shows weakness in buying in the daily chart and the price may fall soon.
However, if NEXO starts receiving volume and breaks above the upper trendline then, it will result in a change in trend and prices may hike up to $0.85
Indicator Analysis
As Per the EMA analysis, NEXO’s price is trading below all the EMAs which shows the bearish sentiment in the market. Also, the price has got a rejection from the 50-day EMA and started declining.
At the time of publishing, the RSI value of Nexo is 41.4 and that of the SMA line is 486.69. RSI has broken the SMA line and changed its trend to the downside which indicates bearish sentiment in the market.
MACD lines have made a bearish crossover and lines are facing rejection from the mean line. Also, histogram bars are forming below the mean line which shows weakness in the market.
Conclusion
Nexo (NEXO) coin price prediction concludes that a descending triangle is formed in the weekly chart and the price has consolidated in a very contracted range. but due to very low volume, Nexo’s price is unable to find a direction for now. However, the long-term trend is a downtrend. hence, if the price breaks the horizontal level it may form a new swing low.
Technical levels
- The support levels at $0.55 and $0.427
- The resistance levels at $0.87 and $1.09
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
