02 December 2023 : In this article we will walk you through Nexo price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Nexo, Is NEXO a good investment? Nexo support & resistance levels etc. But before diving deep into the NEXO technical analysis, let us talk about the current market conditions.
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $1,454,623,825,546. The total trading volume stands at $47,982,540,193. Bitcoin shares 52.08 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $38,734.24 level after an upward movement of 1.93%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 0.24 percent reaching to $2,092.06 during the previous 24 hours.
While publishing this blog, BNB traded at $229.31, following a price change of 0.14% within the same time frame. XRP the native coin of XRP is up by 0.29 and currently trading at $0.61. Additionally, Solana reached $60.96 after seeing a uplift of 0.28% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Nexo (NEXO)
|NEXO Resistance Levels||NEXO Support Levels|
|Resistance Level 1||$0.90||Support Level 1||$0.82|
|Resistance Level 2||$0.94||Support Level 2||$0.77|
|Resistance Level 3||$0.99||Support Level 3||$0.73|
The current Nexo price is $0.72, with a trading volume of $4,322,880.00 in the past 24-hours. Currently, NEXO is down by -3.3% since yesterday with a market capitalization of $405,440,629.00 USD.
NEXO price analysis for 02 December 2023 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Nexo.
|Simple Moving Average (10)||0.86||Sell|
|Exponential Moving Average (10)||0.86||Sell|
|Simple Moving Average (20)||0.88||Sell|
|Exponential Moving Average (20)||0.88||Sell|
|Simple Moving Average (50)||0.92||Sell|
|Exponential Moving Average (50)||0.92||Sell|
The Nexo has break all its supports levels and things are not looking good for the crypto market. Currently, bears are in control of the market and successfully take NEXO price below the crucial support level of $0.82. RSI implying consolidation phase while trading at 44 and is trying to break out of the neutrality zone. While NEXO’s Williams %R indicator is at -52.869 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The MACD line is standing above of the signal line after a positive crossover. Nexo investors need to wait for any directional change over the daily chart.
According to the Nexo (NEXO) price analysis, the bears have failed to take the market downwards, and as a result, we are likely to see the continuation of the bullish trend in the coming days.