NEXO Technical Analysis Feb 24

NEXO is trapped in a tight range around the $0.83 level, and with both the downtrend and bullish signals on MACD, both scenarios are possible. Critical support and resistance levels form a pivotal crossroads where market participants await directional cues.

Current Market Situation

NEXO’s current price is hovering around $0.83 and traded in the $0.82-$0.86 range with a 3.60% drop over the last 24 hours. Volume remains at a moderate $924,885 level, while the overall trend continues downward. RSI at 45.80 is in the neutral zone, while the MACD histogram shows positive momentum, which may signal short-term recovery potential. However, with the price remaining below EMA20 ($0.85), short-term bearish pressure dominates. The Supertrend indicator is issuing a bearish signal and positions $1.00 as a strong resistance level.

In multi-timeframe (MTF) analysis, a total of 13 strong levels were identified across 1D, 3D, and 1W charts: 3 supports/3 resistances on 1D, 2S/2R on 3D, and 2S/4R balance on 1W. Main supports are $0.8272 (91/100 score), $0.6595 (73/100), and $0.7758 (72/100); resistances are $0.8789 (75/100), $0.8409 (71/100), and $0.9177 (63/100). These levels will determine the scenarios based on the direction of the price breakout.

Scenario 1: Bullish Scenario

How Does This Scenario Unfold?

For the bullish scenario, the $0.8409 and $0.8789 resistances must first be broken. If these breakouts are confirmed by increased volume and a strengthening MACD histogram, the price can gain momentum by crossing above EMA20 ($0.85). RSI moving above 50 and Supertrend turning green would confirm the start of the bullish trend. Despite more resistances on the 1W chart (4R), a short-term 1D breakout could trigger a chain reaction. A potential BTC recovery would also support this scenario; otherwise, the resistances remain strong, and the scenario invalidates (with a drop below $0.8272).

Target Levels

First target is $1.00 upon $0.9177 breakout, followed by the main bullish target of $1.2280 (16 points). Reaching this level aligns with Fibonacci extensions and past highs. The risk/reward ratio (R/R), calculated from the current price with a $0.8272 stop-loss, is approximately 1:2.5. Key things to watch: Volume spikes and absence of RSI divergences.

Scenario 2: Bearish Scenario

Risk Factors

The bearish scenario is triggered by the break of the critical $0.8272 support (91/100 score). If this level is violated, staying below EMA20 and a strengthening Supertrend bearish signal will increase selling pressure. If RSI drops below 40, even an oversold condition won’t halt the momentum; confirmation comes if the MACD histogram turns negative. In MTF, the extra resistances on 1W limit buying, while the overall market downtrend (including BTC influence) elevates risk. Bullish invalidation: Sustained close above $0.8789.

Protection Levels

First stop below $0.8272, next at $0.7758 and $0.6595; main bear target $0.4920 (22 points). This decline aligns with past lows and support clusters. R/R from current price with $0.8789 target around 1:2. Pay attention: Volume increases and candlestick patterns like bearish engulfing.

Which Scenario to Watch?

The decision point is between the $0.8272 support and $0.8789 resistance. For bullish: $0.8789 daily close + volume increase; for bearish: $0.8272 breakout + RSI decline. Confirmation signals: MACD crossover, Supertrend flip, and 1D/3D alignment. Against fakeouts, wait for retests on the 4-hour chart. Volatility is high in both scenarios; protect positions with early invalidations.

Bitcoin Correlation

Altcoins like NEXO show high correlation to BTC; BTC is in a downtrend at $64,984 with Supertrend bearish. If BTC breaks $64,366 support, it adds selling pressure on NEXO ($0.8272 test); surpassing $65,129 resistance could trigger an altcoin rally (toward $0.8789). BTC supports at $62,910/$60,000, resistances at $67,775/$69,646 are critical; rising BTC.Dominance crushes alts. NEXO traders should monitor the NEXO Spot Analysis and NEXO Futures Analysis pages alongside BTC movements.

Conclusion and Monitoring Notes

Both scenarios are balanced for NEXO; the $0.82-$0.88 range awaits a breakout. Watchlist: $0.8272S/$0.8789R, MACD/RSI, BTC $64,366S/$65,129R, volume, and MTF alignment. Mark these levels on your charts, wait for candle closes, and prioritize risk management. If the market context changes (no news flow currently), scenarios may be revised. Make decisions based on your own analysis.