NEXO is in the testing phase at the critical support zone ($0.9366) within the dominant downtrend. Along with Bearish Supertrend and MACD signals, the RSI’s neutral level ($46.56) is awaiting strong confirmation for upward movement. While Bitcoin’s downtrend creates pressure on altcoins, closes above $0.95 could create buying opportunities; however, the risk of breakdown below $0.90 is high.
Executive Summary
As of January 23, 2026, NEXO’s technical outlook presents a predominantly bearish picture under the dominance of the overall downtrend. Price is at $0.94, up 2.18% in the last 24 hours while trading in the $0.92-$0.95 range, with volume at a moderate $1.06M. Price failing to hold above EMA20 ($0.95) gives a bearish signal at Supertrend resistance of $1.05. RSI at 46.56 is neutral, while MACD reflects selling pressure with a negative histogram. Critical supports: $0.9366 (81/100), $0.8999 (71/100), and $0.8570 (63/100); resistances: $0.9520 (79/100), $0.9880 (68/100), and $1.0131 (67/100). 16 strong levels detected across multiple timeframes (1D: 3S/4R, 3D: 2S/4R, 1W: 3S/3R). Bullish target $1.1478 (25/100), bearish $0.7038 (22/100) with risk/reward tilted bearish. High Bitcoin correlation; if BTC stays below $88K, deep decline in NEXO likely. Strategic outlook: Short bias in downtrend, long scalping opportunity on support hold.
Market Structure and Trend Status
Current Trend Analysis
NEXO’s market structure is proceeding within a clear downtrend. Upper structure levels (higher highs and higher lows) are broken; the recent top around $1.05 was rejected by Supertrend resistance. Short-term trend is bearish: Price continues to stay below EMA20 ($0.95), generating a short-term sell signal. Long-term 1W chart dominated by down channel, pointing to lower band near $0.85. Multi-timeframe analysis (1D/3D/1W) shows 16 strong structural levels: 1D with 3 supports/4 resistances, 3D with 2S/4R, 1W with 3S/3R balance. This indicates a lack of clear confluence for trend reversal; even with price testing support, volume confirmation is required for upward breakout.
Structural Levels
Main structural supports: $0.9366 (high score 81/100, recent low and Fibonacci 0.618), $0.8999 (71/100, near EMA50), $0.8570 (63/100, weekly channel low). Resistance zones: $0.9520 (79/100, EMA20 and daily pivot), $0.9880 (68/100, swing low/high), $1.0131 (67/100, Supertrend line). These levels are derived from order blocks and fair value gaps, critical for breakout/retest scenarios.
Technical Indicators Report
Momentum Indicators
RSI(14) at 46.56 in neutral zone ($30-70 range), close to oversold but no divergence – momentum inclined to remain bearish. MACD histogram negative and below signal line; bearish crossover continues, histogram narrowing signals short-term relief but overall momentum toward sell. Stochastic %K %D crossover bearish, Williams %R around -55 confirms selling pressure. Momentum confluence: Bearish, though RSI’s sideways movement does not reduce long squeeze risk.
Trend Indicators
EMAs: Price below EMA20 ($0.95), EMA50 ($0.97), and EMA200 ($1.02) – death cross completed, bearish stack in place. Supertrend in bearish mode, resistance at $1.05; ATR-based trailing stop bearish. Ichimoku Cloud red and price below cloud; Tenkan-Kijun death cross active. Trend indicators show full bearish alignment, EMA20 close above required for long positions.
Critical Support and Resistance Analysis
Supports strong: $0.9366 most critical (81/100 score, 2.4% upside risk), if it doesn’t hold, slide to $0.8999 ($4.3 down) expected. Deep support $0.8570 (9% down). In resistance analysis, $0.9520 (1.3% up, 79/100) first test, if not broken, rally to Supertrend $1.05 possible but volume-less. $0.9880 and $1.0131 should be monitored as breakout targets. Multi-TF confluence: 1W supports overlap with 1D, adding strength. Fair value gaps filling in $0.92-$0.94 range, reactions possible from here.
Volume and Market Participation
Last 24h volume $1.06M, below average (~-15%) – upward movement (+2.18%) volume-less, not causing structure breakdown. OBV flat/down, buying participation weak; buy/sell volume shows bearish divergence. VWAP near $0.935, price above but without volume confirmation. Market participation low; volume spike ($2M+) required for breakouts. This increases fakeout risk, especially in altcoins with rising BTC dominance.
Risk Assessment
From current $0.94, risk/reward: Bullish target $1.1478 (22% up, score 25/100) vs bearish $0.7038 (25% down, 22/100) – bearish asymmetry dominant (R:R 1:1.1 favoring short). Main risk: $0.9366 break leading to cascade to $0.85 ($0.09 loss, 9.6%). Volatility moderate (ATR 3.2%), stop-loss suggestion: Below $0.9366 for longs, above $0.9520 for shorts. Macro risks: BTC decline crushes altcoins, no news means pure technical focus. Position size: 1-2% risk, scalping-focused.
Bitcoin Correlation
NEXO shows high correlation with BTC (0.85+); BTC in downtrend at $88,920 (24h +0.18%, Supertrend bearish). BTC critical supports $88,268, $86,737, $84,681; breakdown from here triggers fast drop below $0.90 in NEXO. BTC resistances $89,419, $91,131, $94,276 – BTC rally could carry NEXO to $0.98. Rising BTC dominance (downtrend) pressures altcoins: NEXO/BTC pair in down channel, monitor $0.000010 support. Strategy: Short bias on NEXO until BTC holds $88K.
Conclusion and Strategic Outlook
NEXO’s full technical picture is bearish: Downtrend, bearish indicator confluence, and weak volume signal short-term bottom search with $0.9366 support test. Positive scenario: $0.9520 breakout and BTC relief to $1.01 target (scalping RR 1:3). Negative: Support break opens path to $0.85. General advice: Wait-and-see, high short opportunity; longs on support hold confirmation via NEXO Spot Analysis, leveraged short via NEXO Futures Analysis. Risk management critical, market volatile.
This analysis uses the market views and methodology of Chief Analyst Devrim Cacal.