- NEXO token shows the 50-and-200-day EMAs are about to give a golden crossover
- The NEXO/BTC pair was trading at 0.0003996 BTC with a gain of 8.84%
- The 24-hr trading volume in NEXO is $12.7 Million, indicating a 30.65% loss
The NEXO token chart indicates an excellent long opportunity for crypto traders by forming a double bottom pattern in the daily time frame chart. The pattern has its neckline around the $2.45-$2.5 mark, and the price is currently trading at the $2.448 level, with an intraday gain of 7.35%. Thus, the crypto trade must wait till the price gives a proper breakout from this level to trigger an entry signal for them.
As per the crucial EMAs, the NEXO token is in a strong uptrend, as its price is trading high above the 20, 50, 100, and 200 EMA lines. Moreover, it seems the 50 and 200 EMA are on the verge of giving a golden crossover, attracting even more buyers to the token.
The RSI value (BULLISH) is 78, indicating a bullish sentiment about this token.
NEXO Token Chart In The 4hr Time Frame
As mentioned in my previous article on NEXO, this token displayed an impressive rally in its chart, bringing its price near a crucial resistance of around $2.45-$2.5 mark. However, on October 21st, the price experienced strong rejection from this resistance, and that’s why the traders should wait for proper breakout and candle closing before entering with a new position,
The super trend indicator shows a steady uptrend in this lower time frame chart.
Conclusion: From a technical perspective, the NEXO token indicates a strong uptrend in its chart. And as mentioned, it also displays another long opportunity for crypto traders with a double bottom pattern. Once the price reclaims the $2.5 (neckline) level, these traders can expect the nearest target around $2.8 and later $3.2
Support – $2.2
Resistance – $2.45- $2.5