NEXO Technical Analysis: Bearish Influence Grows On Rising Channel

NEXO coin price shows a bearish reversal in the rising channel with increased trend momentum, indicating a potential fall to the 200-day EMA. Key technical points: The NEXO price action shows higher price rejection at the $ 2.40 mark. The EMAs retain the bullish alignment in the daily chart. Finally, the 24-hour trading volume of NEXO is $15.03 Million, marking a 7.86% fall. Past Performance of NEXO NEXO coin prices showcase a rising channel pattern starting from the $1.89 mark to the psychological barrier at $2.50. The increasing channel helped inflate the prices by 26% in the last month; however, the momentum-packed reversal from the psychological barrier loads multiple bearish punches to the support trendline. Source-Tradingview NEXO Technical Analysis The higher price rejection projected in the daily NEXO candles reflects the increased selling pressure. Hence, the increased selling activity brings a higher likelihood of the support trendline fallout. The crucial daily EMAs maintain a bullish alignment in an uptrend and provide multiple support levels in the daily chart. RSI Indicator: The RSI slope shows a sudden reversal from the overbought boundary resulting in the lower low formation projecting increased selling pressure. Moreover, the downtrend breaks below the 14-day SMA and approaches the halfway mark. MACD Indicator: The MACD and signal lines regain the bearish status and approach the zero line with the recent cross...