NEXO Technical Analysis: Price Below the First Fibonacci Pivot Resistance Level of $2.08

Nexo is a blockchain-based deposit and lending platform for cryptocurrencies. Users can borrow loans against digital assets as collateral. They can also earn interest income up to 12%p.a. on crypto and fiat currency deposits paid out on a daily basis. The fiat currencies accepted by the network are EUR, GBP, and USD. NEXO is the customized token of this ecosystem and the technical analysis is as follows:

Past Performance

On May 18, 2021, NEXO opened at $3.10. On May 24, 2021, NEXO closed at $1.78. Thus, in the past week, the NEXO price has decreased by roughly 43%. In the last 24 hours, NEXO has traded between $1.72-$2.20.

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Day-Ahead and Tomorrow

Currently, NEXO is trading at $1.92. The price has increased from the day’s opening price of $1.78. Thus, the market seems to be bullish.

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the price is likely to start falling.

Currently, the RSI indicator is at 29% in the ‘oversold’ region. Thus, selling pressures are very high. High selling activity will exert downward pressure on the crypto price.

Besides, the OBV indicator is steadily falling too. Hence, selling volumes are higher than buying volumes. When we look at the OBV indicator in conjunction with the other oscillators, we can say that the price is expected to decrease further.

NEXO Price Analysis

Currently, the price has fallen below the first Fibonacci pivot resistance level of $2.08. It may soon fall below the Fibonacci pivot point of $1.90. If the bears remain strong, then the price is likely to fall further below the first support level of $1.72, after some time.

Presently, the price has tested and fallen below the 50% FIB retracement level of $1.96. It may soon fall below the 61.8% FIB retracement level of $1.90. Thus, as of now, the bearish forces seem strong. We can expect the price downswing to continue today and tomorrow.