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Today Nexo price analysis is showing that the coin is in a downward trend after a bullish pressure that lingered around the market for a few days. The coin has been below the support level of $0.816, which is a clear indication that bearish pressure is getting stronger in the market today.
In today’s trading session, despite the downtrend, the bulls were seen trying to break through the downtrend line and push the price higher, however, lack of momentum didn’t allow them to break this resistance.
The current resistance levels have been set at $0.8499, with NEXO/USD struggling to breach it after numerous attempts. This could be a sign that the market is not yet ready to move up, as bearish pressure has been dominant so far. In addition, the recent decline in volume indicates that traders may be losing interest in Nexo and are looking for alternatives.
Currently, the NEXO is trading at $0.818, and if the bearish pressure continues to take over, the coin is likely to stay below $0.816 for some time. The 3.22 percent decline against the US Dollar has left NEXO/USD vulnerable to further dips and losses.
Looking at the market capitalization, it is hovering around $459 million and has a 24-hour trading volume of over $9 million. This indicates that despite a few trades, the liquidity for Nexo is still healthy and could be an option for traders in case of a bearish run.
With NEXO/USD struggling to maintain its position, traders are closely watching for a significant recovery. It would be interesting to see if the coin could break the resistance levels and go back above $0.8499, or if it will continue sliding down further.
Looking at technical indicators, the MACD line appears to be headed down and is below the signal line, which signifies a bearish market in the near future. The MACD histogram also seems to be in the bearish zone, with a red candle being formed. The 50-day moving average is also trading below the 200-day moving average, which could be a sign of further bearishness.
NEXO/USD 1-day price chart, Source: TradingViewThe selling pressure is currently dominating with 50-SMA and 200-SMA trading in the negative zone. The relative strength index (RSI) is also trading at the oversold zone, which could indicate that a bearish market may prevail in the coming days. The RSI has crossed below level 55 indicating further downside pressure.
In conclusion, Nexo is still struggling to find its footing and looks set to remain in a bearish trend for the near future. Traders should exercise caution when trading NEXO/USD and keep an eye on the market’s movements. It is likely that if bearish pressure continues, NEXO/USD could further test the support levels and dip even lower.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.