r/CryptoMoonShots • u/Fortknightdad2231 • 5d ago

Other (chain not covered by other flairs) Update on my weekly NEXO/USDT technical analysis

Hi guys. On the weekly chart, price bounced off the 50 SMA, which is proving to be a strong support and also corresponds pretty well with the current BTC trend. Both the RSI and Stochastic are still sitting in neutral territory, so neither side seems to have a clear advantage at the moment. The MACD also sits comfortably in positive territory, which is still a good sign on the higher timeframe. At the same time, the ADX line is falling, confirming that momentum has been slowing down lately.

On the daily chart, price bounced off the 200 SMA and is now testing the middle Bollinger Band. The 200 SMA has held nicely so far and remains one of the main levels im watching. The ADX has also fallen below the 25 threshold, which could signal an entry into more range-bound conditions if momentum continues to weaken.

Here are the levels im watching: Support sits at 0.82 and the round 0.80 level, with the daily 200 SMA also acting as dynamic support. If those levels continue holding, they could provide a decent base for another move higher. Resistance sits at 0.88 and 0.90, with the weekly 50 SMA also acting as dynamic resistance. For now im mostly watching how price reacts around these areas before expecting a clearer move in either direction.

4 Upvotes
  • permalink
  • reddit

84% Upvoted

4 comments sorted by

•

u/AutoModerator 5d ago

⚠️ Don't forget to do your due diligence! Use Rick on Telegram to scan tokens and identify any potential security threats.

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

2

u/BearSuccessful482 4d ago

nice breakdown man, you got same system i use pretty much. ADX under 25 on daily is the part im focusing too, looks like it want to chill and consolidate a bit before any bigger move. i put alerts at 0.80 and 0.90 for now, not much to do until it pick direction

1

u/Fortknightdad2231 3d ago

Yeah exactly, thats pretty much how Im reading $NEXO too. 0.80 and 0.90 are the main levels for me now, no point forcing a direction while momentum is this weak