Nexo is a blockchain-based lending platform that allows crypto investors to procure loans by pledging their digital money or cryptocurrencies. They have their own native NEXO token too. Past Performance of NEXO On February 25, 2021, NEXO started trading at $2.09. As of March 3, 2021, the closing price of NEXO was $2.33. Thus, the price has surged by roughly 11%, in the past week. In the last 24 hours, the price has been fluctuating between $2.10 and $2.41. https://ift.tt/30iBOym Day-Ahead and Tomorrow Presently, NEXO is trading at $2.27. The price has dipped from the opening price of $2.33. Thus, the market looks bearish. For the past 5 years, the OBV indicator has been steadily declining. While the buying volumes continue to be high, selling activity is gradually increasing. Thus, we can expect a price pullback. The MACD and signal lines are in the negative territory. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line implies an impending trend reversal. Price corrections are occurring in the NEXO market. The RSI indicator is currently at 52%. Thus, selling pressures are high. A couple of hours back it was in the ‘oversold’ region. Thereafter, it rallied intermittently. It faced rejection at 60%, half an hour back. Thus, the price is struggling to go up due to heavy offloads. Currently, the price has fallen below the Fibonacci pivot point of $2.28. As the overall market momentum looks bearish, we can expect the price to fall below the first Fibonacci pivot support level of $2.16, in some time. The price has tested the 23.6% and 38.2% FIB retracement levels of $2.34 and $2.29, respectively. In the last few minutes, it has fallen below the 50% FIB retracement level of $2.25 as well. To sum up, the price pullbacks may be a part of the price correction process, as the trend looks bullish on the 24-hour chart. We can expect the uptrend to resume by the end of the day or tomorrow.
The post NEXO Bearish at Support Levels – Technical Analysis appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
