Price Analysis

NEXO Turns Bearish; Drops by 36% at the Onset of the Month

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Nexo, one of the volatile cryptos in itself, is ranked amongst the top 150 assets of the global market and is backed by underlying assets of Nexo’s loan portfolio. The price drops after a marking a YTD high at $0.246, while confirming a bearish crossover, NEXO/USD turns below $0.20 and even below $0.15 against the US Dollar.

However, NEXO has been a stupefying gainer after dropping as low as $0.066 during the market crash in March 2020. While the market lacks traction, Nexo, along with major altcoins, is seen waiving off major gains. Bitcoin—the largest cryptocurrency by market capitalization, is seen drawing a negative crossover around $10.1k too.

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Nexo Price Analysis

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NEXO/USD Chart By TradingView

At the press time, the Nexo token was trading at $0.1200 after a long bearish candlestick drawn from $0.190, just at the onset of the ongoing month. With a steep bearish pullback, NEXO is around the lower Bollinger Band, and an even downward correction can be led to testing supports around $0.10.

Around the current trading price area, NEXO/USD lacks support from MA50 & MA200 as it slides with a steep pullback. Moreover, the token is not drawing a complete pattern but is affected by market traction and trend. The MACD of Nexo token turns towards the bearish divergence, and similarly, the RSI is seen inclined towards the major support and lies at 3.22.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
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