Market Overview for Nexo (NEXOUSDT) – 2025-08-19

• Nexo (NEXOUSDT) traded in a 1.31–1.326 range overnight, with resistance forming around 1.32–1.325 and support near 1.31.
• Price formed multiple bullish engulfing patterns during the London-Asia overlap, suggesting potential short-term buying interest.
• RSI showed overbought conditions briefly at 70, while Bollinger Bands remained relatively narrow, indicating low volatility.
• Volume spiked during the 22:00–23:00 ET rally but softened after 1:00 AM, signaling possible consolidation.
• A 61.8% Fibonacci retracement from the overnight high aligns with key support near 1.313, a potential pivot for near-term direction.

Nexo (NEXOUSDT) opened at 1.304 on 2025-08-18 at 12:00 ET, reached a high of 1.326, touched a low of 1.28, and closed at 1.32 by 12:00 ET on 2025-08-19. Total traded volume over 24 hours was 426,284.92 units, with notional turnover of approximately 557,500 USD, reflecting moderate liquidity.

Structure & Formations

The price structure for Nexo showed a series of short-term bullish moves between 19:00 and 23:00 ET, where key resistance at 1.32–1.325 was tested multiple times, forming a potential upper boundary for near-term consolidation. A bearish reversal pattern emerged briefly at 03:00–04:00 ET as the price pulled back toward 1.29–1.295, which may now act as a support zone. A notable bullish engulfing pattern formed during the 17:30–17:45 ET window, suggesting short-term buying pressure amid broader sideways trading.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are closely aligned around the 1.31–1.315 range, indicating indecision. The daily chart shows the 50-day average at 1.312 and the 200-day average at 1.298, suggesting a slightly bullish bias if the price sustains above 1.312.

MACD & RSI

The MACD showed a narrow histogram with a slight bearish divergence after 05:00 ET, aligning with the pullback to 1.29–1.295. RSI peaked near 70 during the 22:00–23:00 ET rally, indicating overbought territory and possible near-term resistance. A return to the 50–60 RSI range could suggest renewed consolidation.

Bollinger Bands

Bollinger Bands remained relatively tight during the early hours, but expanded after 19:00 ET as the price moved within a 1.31–1.326 range. The price frequently touched the upper band, suggesting it remained near key resistance levels, while staying above the lower band, indicating no strong bearish pressure.

Volume & Turnover

Volume spiked during the 17:30–19:00 ET window, coinciding with a rally to 1.32–1.325, confirming the strength of the move. However, turnover fell sharply after 04:00 ET, indicating reduced market participation during the pullback. A divergence between price and volume during the 03:00–04:00 ET decline suggests weak bearish conviction.

Fibonacci Retracements

Applying Fibonacci retracements to the overnight swing from 1.28 to 1.326, key levels include 61.8% at 1.313 and 38.2% at 1.308. The price currently appears to be consolidating near the 61.8% level, which could serve as a pivot for near-term direction.

Nexo may continue to consolidate within the 1.31–1.325 range in the next 24 hours, with a potential breakout to the upside if bulls reclaim 1.325. Traders should watch for a break below 1.312, which could trigger a retest of the 1.30–1.305 support zone. As always, market volatility and broader macroeconomic factors may override technical signals.