After Huge Decline In Volume, What To Expect From NEXO Crypto?

NEXO crypto price has been consistently declining for the last 2 years.
The Graph crypto has advanced by 1.7% in the last 24 hours.

Nexo is an ERC-20-compliant utility token built on the Ethereum blockchain. As it is a utility token and not a security token, it powers various functionality of the NEXO platform and is subject to different regulations. It allows its users to borrow fiat currency or stablecoins by keeping their cryptocurrency as collateral.

The NEXO crypto was first launched on 29 April 2018 and was created by a company named Nexo established in 2017. Nexo has 6M+ worldwide users and supports more than 60 cryptocurrencies. It also has won multiple awards like Forbes Business Awards, Globee awards, and many other awards.

Nexo made an all-time high of $4.07 two years ago and since then the crypto price has been unable to break to above that high price. The surprising factor about the crypto price is that it reached a low of $0.04515 nearly five years ago and since then the following low level has not been taken out.

The current volume/market cap ratio of NEXO crypto is 0.0053 and has a market cap dominance of 0.028%. The current market cap of the crypto is $310.15M and has resulted in a trading volume of $1.7M which is showing a huge decline of 47.33%.

Too Much Volatility On NEXO Crypto Chart, What Will Happen Next?

a by writer11_gsm on TradingView.com

The NEXO crypto is consistently facing selling pressure from the higher level on the charts. Despite of this huge sell-off the crypto has sustained above the low it made five years ago. The crypto price is still 1126% above the all-time low price.

On the daily charts, the NEXO crypto is trading inside a falling wedge pattern. The price is declining to lower levels with too much volatility creating a spike in both directions.

As followed by the market structure, the EMAs are trading in a death cross. The price of the crypto is also trading below the 50-day and the 200-day EMA.

The RSI for the NEXO crypto is acting bearish to volatile following a similar range for a long time. Currently, the RSI has declined below the 50 level and is trading at a level of 31.92. Its value has also declined to a much lower level than the 14-day SMA.

NEXO Technical Overview

Source: Tradingview

On looking at the Tradingview’s technical summarizing tool we can see that the majority of the oscillators are neutral on the daily chart. While most of the moving averages are giving a sell signal as the crypto’s price has declined below the MAs.

Conclusion

There is no significant activity noticed in the crypto community and the volume of the coin has also highly declined. The price on the charts is acting volatile to negative. Indicators like the MAs and the RSI are giving a sell signal for the crypto.

Therefore, we might get to see lower levels in the NEXO crypto price.

Technical Levels

Support levels- $0.3500 and $0.4350
Resistance levels- $ 1.0400 and $1.75100

Disclaimer

The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

Radhe