NEXO Technical Analysis: Will NEXO Avoid A Fall Below $0.50?

The NEXO Technical Analysis shows a falling channel driving the downtrend closer to the psychological mark of $0.50. Will buyers hold the $0.50 support level? Key Technical Points: NEXO prices have increased by 1.15% in the last 24 hours. The price action shows a falling channel pattern in the daily chart. The 24-hour trading volume of Nexo is $5.74 Million, indicating a rise of 17%. Past Performance of NEXO The NEXO price shows a bullish reversal from the $0.56 support level resulting in a price jump to the $0.73 resistance level. However, the increased selling pressure forms a falling channel pattern and warns of a retracement to the psychological mark of $0.50. Additionally, the falling channel pattern accounts for a downfall of 30% and shows a recent rejection from the resistance trendline. Source – Tradingview NEXO Technical Analysis The NEXO price action shows an increase in selling pressure evident by the volume indicator supporting the reversal from the resistance trendline. Hence traders can shortly find the prices testing the psychological support level of $0.50. The MACD indicator shows a bullish trend attempting to surpass the zero line, but the following trend in the positive histograms leads to a lateral change. Hence the technical indicator shows a weakness in the underlying bullishness. Furthermore, the RSI indicator shows a rise in the underlying bearishness as the slope retraces to the 14-day SMA. In a nutshe...