NEXO Technical Analysis: Consolidation Breakout Teases 40% Jump

NEXO coin price action consolidates close to a long-coming resistance trendline of a descending triangle. Will the bulls surpass the threshold? Nexo is the first-ever provider of instant cryptocurrency-backed loans that intends to solve inefficiencies in the lending market. The automated lending process makes use of intelligent contracts, as well as, an Oracle that runs on the Ethereum blockchain to manage loans. When a customer transfers money to a Nexo-controlled account, an oracle is able to establish the loan, and the borrower receives the funds immediately. If the user makes a payment to pay back this loan system returns the cryptocurrency and registers each transaction in the blockchain. Let us move ahead to read about NEXO technical analysis. Past Performance of NEXO NEXO coin price action jumps more than 20% from the demand found near the $2 mark. The rally rests close to the resistance trendline as it consolidates within the range of 12th January daily candlestick. The range is between $2.15 and $2.35, and a bullish reversal is seen within the range, teasing a possible breakout opportunity. NEXO/USD Daily Chart NEXO Technical Analysis The breakout of the consolidation range will bring the breakout of a descending triangle pattern. The post-breakout rally can drive the NEXO prices past the $3 milestone and reach the $3.5 mark. Therefore, the potential breakout can result in a price jump of more than 40%. The long-comin...