NEXO Technical Analysis Feb 5
The post NEXO Technical Analysis Feb 5 appeared on BitcoinEthereumNews.com.
NEXO is trading at the $0.68 level with a 10.25% drop in the last 24 hours and is at a critical turning point with an oversold RSI (22.56). The market carries both bounce potential from strong supports and downside breakdown risk, with both scenarios shaped by BTC correlation. Current Market Situation NEXO’s current technical chart indicates a dominant downtrend. While the price is consolidating around $0.68, the 24-hour change is -10.25% and trading volume is at $5.27M. RSI at 22.56 is in the oversold region, offering short-term bounce potential, but MACD’s negative histogram confirms bearish momentum. The price remains below EMA20 ($0.87) and the Supertrend indicator is giving a bearish signal, with resistance at $0.88. In multi-timeframe (MTF) analysis, 12 strong levels were identified across 1D (2S/4R), 3D (1S/4R), and 1W (3S/4R) timeframes; in the short term, $0.6732 support (80/100) and $0.7286 resistance (69/100) are critical. Although the overall trend is downward, oversold conditions may signal a reversal. Scenario 1: Upside Scenario How Does This Scenario Unfold? The upside scenario can be triggered by a bounce from the oversold RSI. First, a close above $0.6867 resistance (67/100) with increased volume is required; if broken, momentum builds toward $0.7286 (69/100). MACD histogram approaching the zero line and progress toward EMA20 strengthens bullish divergence. The trend change on the 1D timeframe is confirmed when Supertrend turns green. Breaking the resistance clusters in MTF (total 8R) on 3D and 1W opens the path to $0.7880. BTC stabilization (holding above $62,345) supports the altcoin rally. A 50%+ increase in volume and RSI rising to 50, with invalidation criterion being no break below $0.6732 support. Target Levels First target $0.7880 (65/100), followed by Fibonacci extension levels to $1.1150 (19 points). This target was calculated from the 61.8% retracement of the last rally. R/R ratio is…
Filed under: News - @ February 6, 2026 2:28 am