TradeCityPro | Navigating NEXO's Financial Waters👋 Welcome to TradeCityPro!
In this analysis, I want to discuss the NEXO coin for you. The NEXO project is a payment platform. This coin has always had issues with the US government and has been involved in several legal cases, but now, with Trump as president, it's experiencing a more relaxed environment.
📅 Weekly Timeframe
In the weekly timeframe, we are witnessing an upward trend that started from a low of $0.521 and has managed to reach $1.523 with high buying volume and upward momentum.
🔍 After reaching the $1.523 area, a correction phase started, and the price dropped to $0.923, forming a range box between $0.923 and $1.523.
🔼 Considering the size of the candles, price behavior, and volume, it seems that buyers have been stronger than sellers in this range because they have managed to test the resistance at $1.523 three times, weakening this area with each attempt.
✨ Currently, the price is moving toward this resistance again. Given the high market momentum and key indices like TOTAL, this coin could also see significant momentum if it aligns with these indices, potentially breaking this resistance.
🚀 If the $1.523 resistance is broken, the price targets are around the Fibonacci Extension levels of 1 and 1.618, which approximately align with the $2.6 and $4.9 areas.
💵 Regarding market cap, the current price has a market cap of $900 million. Given this market cap, the potential to reach these targets could increase.
📉 In case of a correction, the first significant area is $0.923. A break below this area could signal a trend change. A break below 50 in the RSI could also indicate a trend change.
📅 Daily Timeframe
In the daily timeframe, we can see more details of the price movement within the box. As observed, the price in its last upward move has managed to move toward the $1.542 resistance after breaking the previous high of $1.065.
👀 After reaching $1.542 and the peak of buying volume, a price correction began with decreasing volume, correcting down to the 0.5 Fibonacci level. This area is also an important support zone, and the price has reacted to this zone, now moving back toward the $1.542 resistance.
⚡️ Currently, breaking the 60.23 level in the RSI could be very crucial. If this area is breached, considering the momentum entering the market, the likelihood of breaking $1.542 increases.
📈 The best long trigger currently is at $1.542. If the price stabilizes above this area, we can expect an upward price movement.
💥 On the other hand, if selling volume enters the market and we see large red candles, more significant corrections are possible, and the price could drop at least to the previous low of $1.212, the 0.5 Fibonacci area.
💫 In case of a deeper correction, the next support areas are the 0.618 Fibonacci level ($1.144), $1.065, and $0.0950. If the RSI breaks below 50, we can expect a confirmation of a downward momentum, making it a risky move to anticipate further price drops without solid triggers.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
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