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

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

The daily chart was highly bullish at press time. Monthly holders outperformed quarterly NEXO holders.

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.

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.

Can bulls clear the $0.777 obstacle?

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. The key supports southwards include $0.726, $0.696, and $0.613. These levels could act as short-selling targets if such a downswing occurs.

Quarterly HODLers lagged

Source: Santiment (MVRV comparison for 30-day & 90-day)

As per Santiment, 90-MVRV improved to 7% by press time compared to 30-day MVRV’s 13%.

It shows monthly holders outperformed quarterly holders in the recent rally. Quarterly holders could see more gains if NEXO clears the $0.777 hurdle.

NEXO also recorded a sharp rise in development activity on 25 March, which could boost investor confidence and prop up NEXO’s value further. However, investors should watch for the obstacle at $0.777 and BTC’s price action before making moves.

Source: Santiment

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