In new technical analysis, the Nexo blockchain network provides professional banking services for digital currencies. Nexo has harnessed its team’s robust experience in fintech services to introduce a structured financial system for transacting in crypto assets. It also aims at eliminating inefficiencies in lending markets. NEXO is the prime governance token of this ecosystem.
On April 13, 2021, NEXO opened at $3.22. As of April 19, 2021, NEXO closed at $3.34. Thus, in the past week, the price has surged by approximately 4%. In the last 24 hours, NEXO has traded between $3.21-$3.46.
Day-Ahead and Tomorrow
Currently, NEXO is trading at $3.25. The price has steadily decreased since morning. Thus, the market looks bearish.
The MACD and signal lines are negative. A bearish crossover by the MACD line over the signal line has occurred too. Thus, the overall market momentum is bearish. Hence, we can expect the price to drop further.
The OBV indicator has fallen steeply too. Thus, the selling volumes are much higher than buying volumes. High sell-offs are likely to exert downward pressure on the NEXO price. Thus, like the MACD indicator, the OBV indicator is also pointing towards a further price dip.
Currently, the RSI indicator is at 25%. It is in the ‘oversold’ region indicating high selling pressures. Thus, heavy offloading activity will push the price further down. Thus, all three oscillators have given bearish signals.
NEXO Technical Analysis
As per technical analysis, presently, the NEXO price is below the first Fibonacci pivot support level of $3.24. As the bearish forces are strong, we can expect the price to fall below the subsequent support levels of $3.18 and $3.09 respectively, in some time.
The price has tested and fallen below the 23.6% FIB retracement level of $3.26. It may soon fall below the 23.6% FIB extension level of $3.15. Thus, the bearish trend is strong and likely to continue today and tomorrow as well.