Nexo Price Analysis: Buyers May Increase Buying Acceleration, If NEXO Breach This Vital Resistance

NEXO token constructed triple Bottom formation during the sell-off.
Buyers seem to be aggressive as the Market cap increased 5.5% in the last 24 hours.
Trading Volume displays the bull’s attention on altcoin as it jumped over 60%.

NEXO token, one of the blockchain-based leading platforms, offers loans for cryptocurrency users. Although because of the crypto market crisis, many investors had lost significant investments. Later on, altcoin gives relief to their investors after the coin recovers its losing cost a few days before.

Amid sharp decline, NEXO buyers saw a 2022 low at $0.551 Mark. near the 90-day low, prices were well accumulated by bulls, in fact, it formed the triple bottom formation (below the chart) before moving higher. Now, the token seems to be bullish to hit the vital volatility zone of $1.0 before the end of August.

Recently, NEXO overcame the sideways trend under the gray box, as a result, buyers continue pushing assets to the higher territory. Thus, the altcoin against the USDT is trading at $0.82 Mark at the time of writing. Moreover, the pair price of NEXO along with the Bitcoin pair is in the green zone by 9.8% at 0.0000259 Satoshis.

When Will Token Hit the $1.0-Resistance Level?

Over the daily price scale, the trading volume is increasing gradually after the narrow horizontal range breakout. Hence, the ADX indicator is rising and suggesting buyers’ attraction towards the given altcoin. Thus the market cap increased 5.5% above $450 Million in the last 24 hours.

Amid the higher sustainability in the NEXO token, buyers barely manage to keep prices above the 20 and 50-day moving average on the daily price scale. Similarly, the Stoch RSI indicator is remaining flat in the overbought zone.

Conclusion

The NEXO token is aiming to hit the vital resistance level of $1.0 amid a continued buying trajectory. The potential seems to be good for a short-term view on the token, but a more sharp rally may occur if bulls turn the $1.0 level into support.

Resistance level- $1.0 and $1.3

Support level- $0.70 and $0.55

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing