The value of NEXO recently reached a low of USD 1.94, which could be the start of new bullish momentum. If the price does not break through resistance at USD 2.41, there will be more losses in the short term.
Although the situation is difficult in the cryptocurrency market, some struggle to recover the bullish trend in the short term. For example, the NEXO token is making an effort to start having signs of an optimistic future.
This currency is currently trading at around USD 2.28 and accumulated a 2.6% profit in the last hour. Its trading volume is above USD 10.3 million, and its market capitalization is about USD 1.3 billion. According to CoinGecko, it occupies 94th place in the cryptocurrency ranking.
NEXO is the native token of a platform that offers loans backed by cryptocurrencies. They recently announced a partnership with Fidelity Investments, seeking to increase the reach of the blockchain protocol.
Technical Analysis of the Price of NEXO
The news of the partnership with Fidelity led the NEXO cryptocurrency to rebound strongly. However, it could not confirm whether the bulls regained control of the market.
The monthly chart shows that the price of NEXO fell throughout November and reached a low of USD 1.94 this week.
NEXO found quite relevant support in this drop, and it seems to be an excellent start for new bullish momentum.
At the moment, it is evident that buyers are the dominant force in the market of NEXO. The price recently went over the top of a symmetrical triangle, resuming the long-term trend. As the drop was a simple correction, the search for new all-time highs may be about to begin.
Predictions about the Price of NEXUS in the Short Term
The daily candlestick chart indicates that the price of NEXO has remained bearish in the short term. The continuous lows and increasingly lower highs have contributed to that drop.
The NEXO cryptocurrency recently reached a higher low attempting to change the trend in the short term.
However, unless the price breaks through resistance at USD 2.41, there will be more losses in the next few hours/days.
When the daily chart starts showing increasingly high lows, the price of NEXO will more probably reach new highs soon.
Bitcoin Is Also Trying to Regain the Bullish Trend
Despite the market crash, the Bitcoin holders who are more likely to sell are unconvinced to do it. In contrast to HODlers or strong hands, they usually get rid of their holdings at the slightest sign of alarm.
The Paper Hand ratio metric results from dividing young coins by the supply of Bitcoin. The value of that indicator is the lowest compared to the lowest point of the bearish market of 2018.
That could mean that the value of Bitcoin is very close to hitting the floor. Several analysts even consider that the correction could be ending and that the price has already bottomed out.
The cryptocurrency market has gone through crashes like the current one on other occasions. It is a matter of time before crypto assets resume the bullish trend.
By Alexander Salazar
