- The NEXO token price is hovering around the supply zone on a daily time frame, following the choppy moves in the overall cryptocurrency markets.
- The token price is forming a flag and pole pattern on a daily time frame.
- The pair of NEXO/BTC is trading at the price level of 0.00003402 with a decrease of -0.97% in the past 24 hours.
The NEXO token price as per the price action is at make or break level. The token price is currently trading at the supply zone after bouncing off the demand zone gradually. The token price is forming higher high and higher low formation on a daily time frame. At present, the token price has managed to sustain at the supply zone as it has started consolidating.
Despite the recent bearishness prevailing in the overall cryptocurrency market, the NEXO token has managed to stay above the long-term demand zone. The token price is forming a continuation chart pattern on a daily time frame. The NEXO token price is trading below the 50 and 100 moving averages. The token price broke the important MAs Wayback and since then the token price is trading below the MAs.
Moving upwards the token price can be seen facing strong bearish pressure from these MAs. Currently, the NEXO token price is trading at the lower band of the Bollinger band indicator after failing to surpass the supply band. Volumes have been normal as the token price consolidates.
The NEXO token price is forming a flag and pole pattern on a daily time frame
Supertrend: The NEXO token price has turned bullish as it managed to bounce off the demand zone forming a strong bullish candlestick pattern on a daily time frame. Recent bullishness resulted in the NEXO token price rising above the important short-term demand zone. Previously the NEXO token price was resting in the super demand zone. As the token price rose to the supertrend sell line it faces rejection. As of now the token price is consolidating, and breakout of flag and pole will result in the supertrend indicator triggering a buy signal.
Moving Average Convergence Divergence: Recent movement in the price of NEXO tokens seems to be bullish on the weekly time frame as the MACD indicator has triggered a positive crossover. The orange line crossed the blue line on the upside indicating bullish momentum in the upcoming days. If the token price can sustain above the current short-term demand zone, then the MACD indicator can be seen moving higher. If the NEXO token price fails to hold the current price levels and falls below the demand zone, the MACD line can be seen triggering a negative crossover.
Average Directional Movement Index: The NEXO token price has been on a rise for the past couple of days and recently it started consolidating near the supply zone. As a result the ADX curve also fell, depicting the consolidation. Moving upwards if the token price can sustain above the demand zone, the ADX curve can be seen dipping out of the 25 mark, as the token price breaks the supply zone. If not, then the token price can be seen falling leading to the ADX curve falling further.
Conclusion: The NEXO token price is hovering around the supply zone on a daily time frame. As per the price action, the token price is forming a continuation chart pattern. The technical parameters are indecisive due to sideways movement. It remains to see if the token price will break the chart pattern on the upside or break the demand zone.
Support: $0.775 and $0.760
Resistance: $0.875 and $0.945
Source: https://www.thecoinrepublic.com/2023/02/06/nexo-token-price-analysis-nexo-token-price-is-trading-at-make-or-break-level/