The post NEXO Technical Analysis Jan 23 appeared on BitcoinEthereumNews.com.

NEXO is in the testing phase at the critical support zone ($0.9366) within the dominant downtrend. Along with Bearish Supertrend and MACD signals, the RSI’s neutral level ($46.56) is awaiting strong confirmation for upward movement. While Bitcoin’s downtrend creates pressure on altcoins, closes above $0.95 could create buying opportunities; however, the risk of breakdown below $0.90 is high. Executive Summary As of January 23, 2026, NEXO’s technical outlook presents a predominantly bearish picture under the dominance of the overall downtrend. Price is at $0.94, up 2.18% in the last 24 hours while trading in the $0.92-$0.95 range, with volume at a moderate $1.06M. Price failing to hold above EMA20 ($0.95) gives a bearish signal at Supertrend resistance of $1.05. RSI at 46.56 is neutral, while MACD reflects selling pressure with a negative histogram. Critical supports: $0.9366 (81/100), $0.8999 (71/100), and $0.8570 (63/100); resistances: $0.9520 (79/100), $0.9880 (68/100), and $1.0131 (67/100). 16 strong levels detected across multiple timeframes (1D: 3S/4R, 3D: 2S/4R, 1W: 3S/3R). Bullish target $1.1478 (25/100), bearish $0.7038 (22/100) with risk/reward tilted bearish. High Bitcoin correlation; if BTC stays below $88K, deep decline in NEXO likely. Strategic outlook: Short bias in downtrend, long scalping opportunity on support hold. Market Structure and Trend Status Current Trend Analysis NEXO’s market structure is proceeding within a clear downtrend. Upper structure levels (higher highs and higher lows) are broken; the recent top around $1.05 was rejected by Supertrend resistance. Short-term trend is bearish: Price continues to stay below EMA20 ($0.95), generating a short-term sell signal. Long-term 1W chart dominated by down channel, pointing to lower band near $0.85. Multi-timeframe analysis (1D/3D/1W) shows 16 strong structural levels: 1D with 3 supports/4 resistances, 3D with 2S/4R, 1W with 3S/3R balance. This indicates a lack of clear confluence for trend reversal; even with price testing support,…

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Filed under: News - @ January 23, 2026 8:20 pm