Market Overview for Nexo (NEXOUSDT) – 2025-08-09

• NEXO traded in a bullish consolidation pattern, forming a bullish engulfing pattern at key resistance around 1.353.
• RSI climbed into overbought territory, signaling potential pullback, while MACD remained positive with narrowing convergence.
• Volatility expanded as price broke out of Bollinger Band midpoints, with volume spiking during key hourly clusters.
• Fibonacci retracement levels highlighted 1.363 as a probable near-term resistance and 1.342 as immediate support.
• Notional turnover rose significantly in the final 6 hours, confirming the breakout above key psychological levels.

Nexo (NEXOUSDT) opened at 1.327 on 2025-08-08 12:00 ET, surged to a high of 1.367, and closed at 1.355 by 12:00 ET on 2025-08-09. Total volume amounted to 623,456, with notional turnover reaching $846,380, showing strong participation during the late hours.

Structure and Formations

Price action displayed a clear bullish consolidation during the early hours, followed by a breakout above key resistance at 1.353. A bullish engulfing pattern formed during the 08:30–08:45 ET hour, suggesting continued upside potential. Key support levels were identified around 1.342–1.344, while resistance now rests at 1.363 and 1.367. A doji at 1.357 during the 11:45–12:00 ET hour may signal a short-term pause before the next move.

Moving Averages and MACD/RSI

On the 15-minute chart, price has remained above both the 20 and 50-period moving averages, reinforcing a bullish bias. The MACD line showed a positive divergence with the signal line, narrowing as the momentum slowed. RSI reached overbought levels (75–80), suggesting a pullback may be due in the near term. However, the sustained volume during the last 6 hours supports a continuation of the bullish trend.

Bollinger Bands and Volatility

Volatility expanded during the breakout phase, with price breaking above the upper Bollinger Band at 1.363–1.367. The midband crossed upward during the 15:45–16:00 ET hour, confirming the strength of the move. Price remains near the top of the bands, indicating a high-volatility, trending environment.

Volume and Turnover

Volume spiked dramatically during the 15:45–16:00 ET hour, coinciding with the price surge above 1.363. Turnover also rose sharply in the last 6 hours, confirming the breakout with increased conviction. Divergences were not observed, as both price and turnover moved in unison, suggesting strong market alignment.

Fibonacci Retracements

Applying Fibonacci to the key swing from 1.326 to 1.367, the 61.8% retracement level is at 1.352–1.354, which aligns closely with the current price. A break above 1.363 would target the 78.6% level at 1.366, before facing the 100% extension at 1.372. On the downside, 1.342 (38.2%) and 1.338 (23.6%) are potential support zones.

Nexo appears to be consolidating above key resistance levels, with strong volume and momentum signals supporting the continuation of the trend. However, overbought RSI and the doji formation suggest a potential pullback could follow in the next 24 hours. Investors should watch for a breakdown below 1.342 for bearish confirmation or a sustained close above 1.363 for further upside.