NEXO Technical Analysis: Will Buyers Hold The Fort At $1?

According to the technical analysis, NEXO prices show a bull run rising above the $1 mark but face higher price rejection at $1.20, endangering the $1 horizontal level. The NEXO prices sustain the bear market seen last weekend and take support at the ascending trendline to rise above the $1 mark. However, the higher price rejection in the daily candle from $1.20 warns of a downtrend below $1. So, should you expect the breakout rally to sustain above the 100-day SMA? Key Points: The NEXO prices have jumped by 15% in the last three days. The market price breaks above the 20, 50, and 100-day SMAs. With a market cap of $592 million, the intraday trading volume of NEXO has increased by 150% to reach $75 million. Source – Tradingview NEXO Technical Analysis The NEXO prices maintain the bullish trend that started at $0.50, leading to a support trendline and accounting for a price jump of 80% over the last six weeks. The bull run exceeds 20, 50, and 100-day SMA, with a psychological mark of $1. The breakout candle of the psychological mark of $1 faces a higher price reduction at a $1.20 resistance level leading to higher price rejection. However, if the prices sustain above the psychological mark, traders can expect a prolonged uptrend this week. With increased buying pressure, the NEXO market value may rise above $1.20 but might face opposition at the $1.40 resistance level. Conversely, a bullish failure to hold down the fort at the ...