NEXO reclaims its mid-February levels of $0.78 – Are sellers subdued

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Nexo [NEXO] outperformed Bitcoin [BTC] in the past week (19 -25 March ). It hiked by about 19%, while BTC moved by 2% only. In the past 24 hours, NEXO’s value appreciated 5%, trading at $0.78. However, the price action reached a crucial resistance point – a confluence of 200 EMA (exponential moving average) and the $0.777 resistance level. 

Read Nexo [NEXO] Price Prediction 2023-24

The cryptocurrency lending platform saw a significant surge after it added exclusive market intelligence features to its Nexo Pro – an institutional and corporate-grade lending and trading service. Nexo has evolved from a lending provider to a wallet service, and it’s now making inroads to exchange services. 

Source: NEXO/USDT on TradingView

NEXO dropped sharply from $0.95 in early February but saw increased demand at $.550. The strong recovery has seen NEXO appreciate over 40% since 13 March. At press time, bulls faced a key obstacle at $0.777 – a confluence of resistance levels of 200 EMA and $0.777. 

The daily chart was bullish at press time, with an RSI of 66. Similarly, the OBV (On Balance Volume) increased sharply – indicating increased trading volumes that boosted buying pressure in the past few days. Moreover, the Average Directional Index (ADX) sloped upwards, showing a strong uptrend. 

As such, bulls could re-enter the market if NEXO closes above $0.777 and confirms further uptrend. The target would be $0.856, and the stop loss would be $0.726. But bulls must clear the hurdle at $0.830 to reach $0.856. 

A daily candlestick close below $0.777 could attract bears to devalue NEXO.