NEXO reclaims its mid-February levels of $0.78 – Are sellers subdued
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- The daily chart was highly bullish at press time.
- Monthly holders outperformed quarterly NEXO holders.
Nexo [NEXO] outperformed Bitcoin [BTC] in the past week (19 -25 March ). It hiked by about 19%, while BTC moved by 2% only. In the past 24 hours, NEXO’s value appreciated 5%, trading at $0.78. However, the price action reached a crucial resistance point – a confluence of 200 EMA (exponential moving average) and the $0.777 resistance level.
Read Nexo [NEXO] Price Prediction 2023-24
The cryptocurrency lending platform saw a significant surge after it added exclusive market intelligence features to its Nexo Pro – an institutional and corporate-grade lending and trading service. Nexo has evolved from a lending provider to a wallet service, and it’s now making inroads to exchange services.
Can bulls clear the $0.777 obstacle?
Source: NEXO/USDT on TradingView
NEXO dropped sharply from $0.95 in early February but saw increased demand at $.550. The strong recovery has seen NEXO appreciate over 40% since 13 March. At press time, bulls faced a key obstacle at $0.777 – a confluence of resistance levels of 200 EMA and $0.777.
The daily chart was bullish at press time, with an RSI of 66. Similarly, the OBV (On Balance Volume) increased sharply – indicating increased trading volumes that boosted buying pressure in the past few days. Moreover, the Average Directional Index (ADX) sloped upwards, showing a strong uptrend.
As such, bulls could re-enter the market if NEXO closes above $0.777 and confirms further uptrend. The target would be $0.856, and the stop loss would be $0.726. But bulls must clear the hurdle at $0.830 to reach $0.856.
A daily candlestick close below $0.777 could attract bears to devalue NEXO. The key supports southwards include $0.726, $0.696, and $0.613. These levels could act as short-selling targets if such a downswing occurs.
Quarterly HODLers lagged
Source: Santiment (MVRV comparison for 30-day & 90-day)
As per Santiment, 90-MVRV improved to 7% by press time compared to 30-day MVRV’s 13%.
It shows monthly holders outperformed quarterly holders in the recent rally. Quarterly holders could see more gains if NEXO clears the $0.777 hurdle.
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NEXO also recorded a sharp rise in development activity on 25 March, which could boost investor confidence and prop up NEXO’s value further. However, investors should watch for the obstacle at $0.777 and BTC’s price action before making moves.
Source: Santiment
