NEXO Technical Analysis: Triangle Breakout Unleases Distressed Bulls

NEXO coin price breaks above the long-coming resistance trendline with an overnight growth of 12%. Will the breakout-fueled rally reach $3? Key technical points: The coin price surpasses $2.20 mark The stochastic RSI shows early onset of the bull cycle The 24-hour trading volume in the NEXO is $11 million, marking a 91% rise. Past Performance of NEXO NEXO prices surpass the 50 and 200-day EMA as the overnight bullish rally breaks above the highly influential resistance trendline. The 90% growth in trading volume cements the bullish engulfing candlesticks as it surpasses the $2.20 mark. The triangle breakout releases the trapped momentum that may fuel the rally higher to the $3 mark. Source-Tradingview NEXO Technical Analysis NEXO prices find selling pressure at $2.28, resulting in a wick formation in the daily candle. However, the more than 18 hours left on the clock show a bullish recovery possibility. The crucial 50 and 200-day EMAs maintain a merged movement that may shortly diverge to give a golden crossover. Hence, the expectation of psychological support from the EMAs increases. RSI Indicator: As the buying pressure increases, the RSI slope shows a spark above the halfway mark. Moreover, the RSI slope rises above the previous sideways resistance at 60%. Stochastic RSI Indicator: The K and D lines project an early bullish crossover as the prices surpass the resistance trendline. In a nutshell, NEXO technical analysis show...