Table of contents
NEXO coin price breaks above the long-coming resistance trendline with an overnight growth of 12%. Will the breakout-fueled rally reach $3?
Key technical points:
The coin price surpasses $2.20 markThe stochastic RSI shows early onset of the bull cycleThe 24-hour trading volume in the NEXO is $11 million, marking a 91% rise.
Past Performance of NEXO
NEXO prices surpass the 50 and 200-day EMA as the overnight bullish rally breaks above the highly influential resistance trendline. The 90% growth in trading volume cements the bullish engulfing candlesticks as it surpasses the $2.20 mark. The triangle breakout releases the trapped momentum that may fuel the rally higher to the $3 mark.
NEXO Technical Analysis
NEXO prices find selling pressure at $2.28, resulting in a wick formation in the daily candle. However, the more than 18 hours left on the clock show a bullish recovery possibility.
The crucial 50 and 200-day EMAs maintain a merged movement that may shortly diverge to give a golden crossover. Hence, the expectation of psychological support from the EMAs increases.
RSI Indicator: As the buying pressure increases, the RSI slope shows a spark above the halfway mark. Moreover, the RSI slope rises above the previous sideways resistance at 60%.
Stochastic RSI Indicator: The K and D lines project an early bullish crossover as the prices surpass the resistance trendline.
In a nutshell, NEXO technical analysis shows projects a high likelihood of a bullish continuation to the $3 mark.
NEXO coin price skyrockets with the triangle breakout and hints of surpassing the $2.38 resistance level and reaching $2.66 if buyers maintain a firm grip.
Contrarily, closing below the 200-day EMA will invalidate the bullish thesis and result in a downfall of $2.
Support Levels: $2.15 and $2
Resistance Levels: $2.2 and $2.5