NEXO price prediction is bullish for the long term till it sustains above the $0.0500 level. The crypto price is consolidating near the demand zone and buyers are trying their best to rebound. NEXO price is in a downtrend but if it succeeds in pushing the price above the 50-day EMA, then the short-term trend will reverse upward.
In August, Nexo crypto price tried to break out of the $0.650 hurdle. The attempt however failed and the price reverted down. However, it did not collapse much and began to trade in a range. Nexo price took support near $0.500 and formed a bullish hammer candle. It showcases that the buyers are active at lower levels and are trying to absorb the sell-off.
The price pattern is mildly bearish but if the price continues to consolidate for some more time in the existing range, then it might be an indication of the long-term base formation. Currently, NEXO price is trading at $0.564 with an intraday decline of -0.88%. The 24-hour volume-to-market cap ratio is 0.37%.
Will Nexo Price Recover by 2023 End?
NEXO price prediction suggests a rise in the coming month. The downfall seems to have taken a halt so buyers may come forward to push the price higher. However, the prices will pick up momentum when buyers are able to break the $0.650 hurdle.
The overall crypto market and BTC price are recovering. So, if the recovery continues, then the NEXO price may be positively impacted.
The pair of NEXO/BTC is trading at $0.00002126 with an intraday decline of -0.79%. Both the pairs are forming a similar pattern and consolidating in a range for base formation.
NEXO Crypto Price Analysis on Weekly Timeframe
NEXO crypto price formed a Doji candle on the weekly time frame. It indicates that the bears are losing their grip and downfall has halted.
However, if the situation changes and the price drops below $0.500, then the next phase of decline may be triggered.
The MACD curve is reversing upward and is likely to break the zero line. It indicates the bullishness and confidence of the bulls. The RSI at 43 denotes weakness but if the price recovers then RSI might reach the neutral territory.
NEXO price prediction is bullish for October 2023. The downfall seems to have taken a halt and buyers are getting active from the lower levels.
The technical analysis suggeststhat if Nexo price breaks out of $0.750, then it will begin the journey to reach $1.00.
- Resistance levels: $0.700 and $0.750
- Support levels: $0.550 and $0.500
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.