- Nexo price aims breakout from $1 resistance amid classic bullish reversal Pattern formation called inverted head and shoulder pattern.
- The daily chart analysis shows a short-term consolidation trend of over 2 months, resonating within the triangle pattern.
- The declining slope of the 200-day exponential moving average indicates a broader trend in this asset remains bearish.
NEXO, the native ERC-20 token of Nexo platform , shows a short uptick of 0.23% during Thursday’s U.S. market hours to trade at $0.09. The surge aligns with broader market recovery as recent talks on U.S. and Iran potential extended the ceasefire agreement has renewed risk-on sentiment among investors. However, the Nexo price gained additional momentum as on-chain data shows a notable surge in NEXO-related taker buy volume, reinforcing the asset’s potential for extended recovery.
NEXO Sees Buyer Surge as Taker Buys Flip Bullish
Nexo’s exchange trading activity has flipped in recent days, with on-chain records from CryptoQuant showing a clear pickup in aggressive buyer orders after months dominated by sellers. The green bars on the metrics illustrating the taker buys are a sign of rising demand to the platform attributable to a combination of large holders, institutions, and ordinary traders.
Taker buys represent market orders that strike the sell side instantly, meaning that buyers are not procrastinating to take up positions at current prices. This turn is a break in the previous trend of heavy taker sales, which heralds new urgency among the participants hoarding the token.
Nexo has constructed its user base on a fundamental proposal; instant lines of borrowing on the basis of crypto collateral. Account holders are able to store US dollars, euros, or stablecoins, but they still maintain full ownership of their digital assets. The technique allows investors to access liquidity to spend or take up other opportunities without selling the asset taxably, a benefit that is often mentioned in capital gains regulations markets.
This attraction of the mechanism is already manifested in trading data, as there are increasingly more participants who seem to be placing their bets on the token and the lending services of the platform. Measures of order flow are closely monitored to see whether the purchasing momentum is maintained.
NEXO Price Eyes Major Recovery Amid Inverted Head and Shoulder Pattern
In the last two weeks, the Nexo price has appreciated from $0.84 to $0.90, registering a gain of 10%. This upswing shows a fresh higher low formation in the daily chart, indicating that the occasional pullback in price is getting absorbed immediately by renewed buying pressure.
The coin price holding above the 20-and-100-day exponential moving averages indicates the restoring bullish sentiment among market participants. With sustained buying, the coin price could jump another 10% and challenge the key neckline resistance of an inverted head and shoulder pattern at $1.
The chart setup is characterized by a shallow right shoulder, an extended swing low, called head, and a right shoulder developed before the major breakout.
if Bitcoin price reclaim $80,000 mark, If the NEXO price could breach this overhead resistance and chase the next significant resistance at $1.14.
However, if the sellers continue to defend the $1 psychological resistance, the Nexo price could enter a sideways trend.
