NEXO$BNB
/USDT is currently experiencing significant selling pressure after failing to decisively break above the $1.30 resistance level. The cryptocurrency's recent attempt to push higher was met with immediate rejection, leading to the formation of bearish candles that suggest a short-term weakening of its price action.
Market observers note that sellers appear to be stepping in aggressively near this key resistance point, signaling a potential shift in momentum. The repeated appearance of rejection wicks on recent candles further reinforces the weakening upside sentiment.
Unless NEXO bulls can reclaim and hold the $1.30 level with strong conviction, analysts predict the price is likely to drift lower towards established support levels.
For traders looking to capitalize on this potential downside, a short trade setup has been suggested:
* Entry: $1.285 – $1.295
* Take Profit: $1.265 / $1.250
* Stop Loss: $1.305
The broader market outlook indicates that upside momentum for NEXO is fading. Without a strong push from buyers to convincingly overcome the $1.30 barrier, the path of least resistance appears to be downwards.
Disclaimer: This article provides information based on market observations and does not constitute financial advice. Trading cryptocurrencies involves substantial risk, and individuals should conduct their own research and consult with a financial professional before making any investment decisions.
NEXO/USDT is currently experiencing significant selling pressure after failing to decisively break above the $1.30 resistance level. The cryptocurrency's recent attempt to push higher was met with immediate rejection, leading to the formation of bearish candles that suggest a short-term weakening of its price action.
Market observers note that sellers appear to be stepping in aggressively near this key resistance point, signaling a potential shift in momentum. The repeated appearance of rejection wicks on recent candles further reinforces the weakening upside sentiment.
Unless NEXO bulls can reclaim and hold the $1.30 level with strong conviction, analysts predict the price is likely to drift lower towards established support levels.
For traders looking to capitalize on this potential downside, a short trade setup has been suggested:
* Entry: $1.285 – $1.295
* Take Profit: $1.265 / $1.250
* Stop Loss: $1.305
The broader market outlook indicates that upside momentum for NEXO is fading. Without a strong push from buyers to convincingly overcome the $1.30 barrier, the path of least resistance appears to be downwards.
Disclaimer: This article provides information based on market observations and does not constitute financial advice. Trading cryptocurrencies involves substantial risk, and individuals should conduct their own research and consult with a financial professional before making any investment decisions.
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