NEXO Price Prediction 2023: Can Nexo Reverse & Aim For $1 Soon?

• 1 Nexo crypto’s price decreased by 5.26% over the last week trading below major EMA’s.
• 2 The price of the NEXO crypto is trading at $0.56020 and the 52-week range is $0.42860 – $1.21230.

Nexo introduced the first Mastercard with Dual Mode that allows users to pay with crypto using credit or debit options. The card gives rewards in cashback and interest, quick conversions, and no additional charges. The card is supported by Mastercard and operates in over 200 countries and 40 currencies. Nexo’s goal is to make crypto popular and easy to use. Nexo’s co-founder Antoni Trenchev says the card is a breakthrough for the crypto industry.

The NEXO crypto has not performed well in the last month, decreasing by 11.01% and by 12.00% in the last six months. NEXO crypto has a negative year-to-date return of 14.17% and a negative one-year return of 38.90%.

Nexo crypto surged by 0.79% in market value and by 118.50% in trading volume in the last 24 hours, as per CoinMarketCap, a crypto data analysis website. Its market value is $311,692,063 and its trading volume is $4,733,457. There are 560,000,011 NEXO in circulation.

NEXO Price Technical Analysis in the 1-Day Timeframe

NEXO crypto price showed a downward trend as it started falling last year and it is still plummeting every week. At the time of writing, the NEXO crypto price is trading at $0.56020 and the price is facing extreme resistance from the trendline, which pushes it down every time it tries to touch it.

Therefore, if the NEXO crypto price sustains the current level and rises by surpassing the trendline only, it might hit the nearest resistance levels of $0.7000 and $0.8000 which can rise even further if it succeeds.

If it fails to maintain the current level and declines, the NEXO crypto price could go down and reach the nearest support at $0.5000 and $0.4000 and fall further.

Source: NEXO/USD.1D.BITFINEX by TradingView

At press time, the NEXO crypto price is trading below the 20 and 50-day EMAs (exponential moving averages).

The MACD line at 0.01296 and the signal line at 0.01165 are below the zero line; both lines closed down to each other show a bearish crossover observed in the MACD oscillator but the gap of the histogram is very lean. The current value of the RSI is 40.36 points and the 14-day SMA is above the median line at 39.65 points.

Collectively, all indicators suggest a continuation of consolidation to the bearish movement of the NEXO crypto market.

Conclusion

NEXO crypto price prediction highlights the bearish sentiments and perspectives of investors and traders regarding NEXO crypto in the daily time frame. Nexo price action highlights the continuation of bearishness at the time of publishing. Moreover, the technical parameters of the Nexo price suggest the continuation of the consolidation to a downtrend over the daily time frame chart.

Technical Levels

• Support levels: $0.5000 and $0.4000
• Resistance levels: $0.7000 and $0.8000

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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