NEXO Technical Analysis Feb 1

NEXO has dropped sharply by %6,31 in the last 24 hours to 0,83 dollars, approaching critical support zones; while RSI at 31,76 level gives an oversold signal, Bitcoin’s downward pressure is delaying the altcoin rally.

Market Outlook and Current Situation

The selling wave across the crypto market has also hit NEXO. On the daily chart, the price squeezed in the 0,80-0,89 dollar range is trying to stabilize around 0,83 dollars, but volume has weakened to 2,27 million dollars. This decline is progressing in parallel with Bitcoin’s %5,47 losses and once again highlights the correlation in altcoins. NEXO’s market cap has remained below EMA20 (0,92 dollars) in recent weeks; this confirms the short-term bearish trend. Nevertheless, on the weekly timeframe, 15 strong level confluences have formed (1D: 2 supports/4 resistances, 3D: 1S/4R, 1W: 4S/4R), offering strategic opportunities for traders.

Although the overall market sentiment is negative, NEXO’s lending platform-based structure carries recovery potential with possible easing of interest rates. The lower end of the 24-hour range was tested at 0,80 dollars, but closes managed to hold there. The decrease in volume indicates that panic selling is slowing down; this could be a breathing space before consolidation. You can evaluate more detailed entry-exit points by reviewing the NEXO Spot Analysis.

In the long-term perspective, NEXO’s ecosystem growth and stablecoin integrations are factors that will support the price. However, the current downtrend is reinforced by the Supertrend indicator’s bearish signal and is awaiting a strong catalyst to break the 0,97 dollar resistance.

Technical Analysis: Levels to Watch

Support Zones

NEXO’s immediate support level stands out at 0,8150 dollars (score: 81/100); this level shows strong confluence on daily and 3-day charts and overlaps with the lower band of the recent range. If broken, the next critical zone at 0,7810 dollars (74/100) comes into play, which is a bottom area aligned with weekly lows. Multi-timeframe analysis strengthens these zones with a total of 7 support levels (4 on 1W); traders can calculate R/R ratios for long positions here. According to historical data, holding 0,8150 could lead to a quick V-shape recovery, as volume spikes are often triggered during support tests.

Resistance Barriers

The short-term first obstacle is 0,8376 dollars (77/100); this level is positioned near EMA20 and coincides with the last 24-hour high. If surpassed, resistances at 0,8827 (67/100) and 0,9370 (65/100) are next in line. The 0,97 dollars indicated by Supertrend is the main barrier; 12 resistance confluences in MTF (1D/3D/1W total) thicken this upper band. In a breakout scenario, the bullish target could extend to 1,1232 dollars (score:46), but this looks distant with current momentum.

Momentum Indicators and Trend Strength

RSI(14) at 31,76 level points to the oversold region, signaling a possible bounce; this value is associated with similar recoveries in the last 30 days’ lows. The MACD histogram is negative and bearish crossover is active, with the line trading below the 0 axis, confirming the downtrend’s strength. On EMAs, the price is below EMA20 (0,92), with EMA50 (around 0,95) and EMA200 (around 1,05) acting as resistance pressure; the death cross formation strengthens the short-term sell signal.

Supertrend is in bearish mode with trailing stop at 0,97; ADX above 25 indicates medium trend strength, but -DI dominates +DI. OBV volume indicator confirms the decline but shows no divergence. Overall, momentum is bearish, and although RSI oversold increases short-term reversal probability, volume confirmation is essential for a trend change. Tracking these indicators in leveraged trades via NEXO Futures Analysis provides strategic benefits.

Risk Assessment and Trading Outlook

In the current setup, the risk/reward ratio can turn favorable during support tests; for long entry from 0,8150, stop-loss below 0,80 offers R/R 1:2 targeting 0,8376. In the bearish scenario, a break of 0,7810 could lead to new lows, as BTC pressure continues. Volatility is medium (%5-7 daily ATR), %1-2 risk rule is recommended for position sizing. For positive outlook, await 0,8376 close and RSI crossing above 50; reaching bullish target 1,1232 requires %35 upside, which needs a market rally.

On the negative side, the decline could deepen without volume increase. Hedging NEXO against BTC can be considered for a balanced portfolio. Overall outlook is cautiously bearish; a catalyst (e.g., NEXO platform updates) should be sought for recovery.

Bitcoin Correlation

NEXO shows high correlation with BTC among altcoins (%0,85+); BTC’s downtrend at 78.260 dollars (24h -%5,47) triggered NEXO’s decline. BTC supports at 77.808, 75.720, and 64.655 dollars are critical; if 77.808 breaks, pressure on NEXO parallels to 0,8150. Resistances at 78.679, 80.721, and 83.160 levels are gates for BTC rally; while Supertrend bearish BTC dominance crushes altcoins, NEXO’s recovery depends on BTC closing above 80k. If BTC falls below 75k, NEXO 0,78 test is likely; traders should monitor the dual correlation.