NEXO Price Formed a Base; It Resumes the Rally to Hit $1 Mark

• 1 NEXO price prediction suggests consolidation is possible in this token before achieving the $1.00 mark.
• 2 Nexo token is in an uptrend and successfully sustaining above both the EMAs.
• 3 The NEXO crypto price is racing toward the Year-till-date high.

NEXO price prediction suggests this token might perform well in the coming months and is likely to trade above $1.00. It displayed a steep rally in the last two months and rewarded short-term investors.

While recovering the token has spent some time inside the narrow range consolidation. That consolidation must be interpreted as a base formation that turned the chart structure highly bullish. Later, the bulls won the battle inside the range and the price resumed the upward momentum.

In the last two months, trading volume increased and the price also correlated and followed the upward direction. It shows that genuine investors have participated in the rally and injected the money. Therefore, the investors are still invested and expecting that Nexo might fly above $1.00 and generate a nominal return.

The 50-day EMA and 200-day EMAs are pointing up and the price is sustaining above them, which denotes an uptrend. However, the token price has gone far away from the 50-day EMA. So, minor retracement is possible or consolidation may continue.

At present, the pair of NEXO/USDT is trading at $0.838 with an intraday uptick of 0.72%. The volume to market cap is 0.62%.

Will Nexo Achieve the $1 Mark by Jan 2024?

Source: NEXO/USDT daily chart by Tradingview

NEXO price rose by approximately 11% in the current month and displayed a bullish pattern. It is racing toward the year-to-date high placed at $0.950, which may act as an immediate hurdle for the bulls.

If the buyers succeed in taking control of the supply zone and push the price above $0.950, the probability of achieving the $1.00 mark will increase. However, if the Nexo price faces rejection, it might revert down and retest the demand zone.

Nexo Crypto Price is Bullish on a Multiple Time Frames

Nexo crypto price is bullish on multiple time frame charts. The buyers look more active and aggressive as compared to the sellers.

Meanwhile, the crypto leaders BTC and ETH prices showed a bounce back from the support levels. So, it improves the overall market sentiment and might positively impact the price of many altcoins.

The RSI curve of NEXO at 56 slopes upward, which denotes the strength of the bulls. The supertrend also favors the bulls and suggests that if the price holds the $0.770 level, the trend will remain upward.

Conclusion

NEXO price prediction stays bullish for the next month and suggests the bulls will lead the rally.

It formed a strong base near the $0.700 level so any short-term sell-off may get easily absorbed. Therefore, investors may look to buy the Nexo token at current levels and participate in the bull run.

Technical levels

• Resistance levels: $0.887 and $0.950
• Support levels: $0.768 and $0.697

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.