NEXO Technical Analysis: Uptrend Aims At $2.38 Within Channel

NEXO coin price shows the triangle breakout rally struggles to surpass the $2.28 level despite the 17% jump last fortnight within the rising channel. Key technical points: NEXO coin price continues to rise within a parallel channel. In addition, the RSI slope maintains the uptrend with the 14-day SMA. Finally, the 24-hour trading volume of Nexo is $8.705 Million, marking a 28% rise. Past Performance of NEXO As mentioned in our previous article, the NEXO coin price breaks above the symmetrical triangle pattern resulting in a rally of 17% from the support trendline at $1.90. The rally forms a rising channel pattern showcasing a recent overnight price jump of 4.38% after failing to surpass the $2.28 resistance level. Source-Tradingview NEXO Technical Analysis NEXO coin price shows an uptrend continuation, with the parallel channel fueling the buying pressure at the support trendline. Hence, the ongoing rally may shortly surpass the $2.28 mark to reach the upcoming confluence of resistance at $2.38. The crucial EMAs (50, 100, and 200) regain the bullish alignment as the bullish spread of the 50 and 200-day EMA undermines the death cross and brings a golden crossover. However, the 50-day remains below the 100-day EMA, and a potential crossover will boom the buying pressure. RSI Indicator: The RSI slope continues the uptrend journey with the higher high formation, thanks to the constant support of the 14-day SMA, which has surpassed...