- The NEXO price is currently trading at $0.702 while observing a change of – 115%% in 24-hour trading volume.
- The NEXO price is seeing an increase of 2.94% in the last 24 hours.
NEXO price is facing critical resistance from the major barrier point. The price of NEXON has been trading under the bear’s control for the last few months. The price is presenting a bearish outlook for the near future. The investor sentiments in the majority of the market are taking a bullish turn though it is yet to be confirmed whether the price will follow their lead. Presently NEXO’s price is trading at $0.702 where a significant increase of 115% is also observed in the trading volume.
Nexo program offers a blockchain-based lending platform. Nexo provides users with a cryptocurrency-based instant crypto-backed loan. Through Nexo, the users can deposit any accepted token as collateral and receive a loan in the form of any fiat currency or stablecoin. The
This project was launched in April 2018 by a team of finance professionals and crypto enthusiasts. According to the whitepaper, NEXO is the first-ever provider of cryptocurrency-backed loans and it aims to solve inefficiencies in the financial market.
NEXO price facing critical resistance from the 100 EMA on (Daily Timeframe)
At present, the oscillators and the EMA’s are presenting a bearish perspective according to the ongoing price action, which suggests that the bears can push the price down further. Currently after making a retest from the 200 EMA in the April end, the price is taking resistance from the 100 EMA on the Daily Timeframe. If the price succeeds in taking the bearish reversal it can make a correction of 10 to 22% in the upcoming week.
Technical Analysis ( 1 Day Timeframe )
The NEXO price has been taking constant resistance from the 200 EMA for the last couple of months. The RSI line is trading above the median line making a bearish curve. The current RSI value is 50.02 points, which is taking resistance from the 14 SMA trending above the median line around 56 points.
Conclusion
At present the price is taking resistance from the 100 EMA at a price of $0.703 and its major resistance level is at $0.752. If the price gets rejected from the current level it can give a bearish correction of 10% falling near its support level at $0.650. The long weeks of candles are indicating the bulls attempt to escape above the resistance but the price is not gaining enough support to make that happen.
Technical levels –
Support – $0.650
Resistance – $0.703 and $0.752
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 assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/04/27/nexo-price-analysis-is-the-nexo-price-facing-a-crisis/