Market Overview: Nexo (NEXOUSDT) 24-Hour Performance

• NEXOUSDT surged 6.8% in 24 hours, driven by volume spikes and a bullish breakout above key resistance.
• Momentum remains strong with RSI at 62 and MACD forming a positive crossover, suggesting continued upward bias.
• Volatility expanded with price moving between 1.322 and 1.398, hitting the 1.38–1.39 overbought range late Friday.
• Volume confirms bullish conviction, surging to 86,779.58 during the rally phase, aligning with price action.
• Bollinger Bands widened, indicating increased market participation and a potential continuation of the current trend.

Nexo (NEXOUSDT) opened at 1.350 on August 14 at 12:00 ET and closed at 1.370 on August 15 at 12:00 ET. The pair reached a high of 1.398 and a low of 1.322, with a total volume of 394,213.40 and a turnover of 530,184.34 USD over the 24-hour period.

Structure & Formations

NEXOUSDT formed a bullish continuation pattern during the late evening hours on August 14, with a strong upward wave from 1.334 to 1.398. Key resistance levels at 1.360 and 1.380 were cleared, while support at 1.350 and 1.340 appears to be holding. A bullish engulfing pattern formed at 1.353-1.358 at 09:15–09:30 ET, which may signal a shift in sentiment.

Moving Averages

On the 15-minute chart, the 20-period MA rose into a bullish alignment with price, crossing above the 50-period MA in the early morning hours. This suggests short-term momentum remains in favor of the bulls. On the daily chart, the 50-period MA is currently below the 200-period MA, suggesting a longer-term bearish trend but a short-term reversal is forming.

MACD & RSI

The MACD turned positive during the early morning session, with a bullish crossover occurring at 02:30 ET. The histogram has been expanding since then, reinforcing the upward move. RSI climbed to 62 by midday, indicating growing momentum but not yet overbought conditions. A pullback into the 50–55 range could consolidate gains and set up for another leg higher.

Bollinger Bands

Bollinger Bands expanded significantly during the rally, with price reaching the upper band at 1.398 before retreating slightly. This suggests increased volatility and strong participation in the rally. Price remains within the bands, which could mean the trend is still intact. A move above the upper band would signal a breakout confirmation.

Volume & Turnover

Volume surged during the 09:15–09:30 ET period, with a turnover spike of 86,779.58 during the 1.382–1.390 move. This aligns with price action, suggesting conviction behind the rally. However, volume has moderated in the afternoon session, indicating the need for a consolidation phase. Divergences have not yet appeared, maintaining the validity of the bullish thesis.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 1.322–1.398 move, key levels at 1.375 (38.2%) and 1.358 (61.8%) have acted as immediate support. Price may test the 61.8% level again in the coming hours. On the daily chart, the 0.382 level at 1.364 appears to be a key psychological and technical threshold.

The rally in NEXOUSDT appears to be driven by increased retail and institutional participation, with volume and price moving in sync. The next 24 hours could see a pullback into the 1.350–1.360 range before the next leg higher. Investors should monitor the 1.360 level closely, as a breach could signal a continuation of the bullish trend. As always, a sharp move lower into 1.335–1.340 would raise bearish concerns.