thecoinrepublic.com
•NEXO/USD is currently priced at $1.40 and has decreased by 0.85% over the past day
•The trading volumes have decreased by 30.31% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Bearish sentiment at play hits Nexo Coin hard
The Nexo price today is $1.40 USD with a 24-hour trading volume of $8,633,148 USD. Nexo is down by 0.85% in the last 24 hours. The trading volumes have decreased over the past day as the sell-off continued on Tuesday whereas the Volume to Market Cap Ratio stands at 0.01104, reflecting the weak sentiment prevailing in the market for the altcoin.
Nexo Coin rallied to its all-time high of $4.63 on Nov 16, 2021, but has witnessed a colossal drop in the past few months and has been left fending off the bears. Due to the recent price reduction, there is indecision prevailing amongst the investors, which has led to the altcoin trading above the 20 SMA but below the 50 SMA on the four-hour chart. The short-term SMA line might act as resistance in the coming days. The support for Nexo resides at $1.20 if the bears continue to keep up the pressure. On the flip side, the resistance is placed at $1.80 in the event of a trend reversal.
Long Term View for Nexo Price
The RSI for Nexo Coin is currently transacting at 31.14 after it recovered from the oversold territory slightly in the past few days. The MACD and signal line have fallen below the zero line, giving a strong signal of low stability. The MACD indicator places the signal line above the MACD line, turning the price action bearish in the short term. The histogram is full of red bars, although they have been reducing in size on the daily chart.
Conclusion
Nexo Price has been punctuated severally by price corrections as the market continues its seesaw movements. Nexo still hasn’t recovered from the setback as it looks for support from the broader crypto market. Hence we are likely to see the prices falling even further in the coming days.
Support: $1.20-$1
Resistance: $1.80-$2
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
ALSO READ: Why does an official at the Bank of England think that Crypto isn’t understandable to Retail Investors?