3 Things to Watch before Calling a NEXO Bottom

26 בנוב׳ 2021

NEXO has been pulling back after it reached a 6-month high, but for the bulls to gain control of the market again, you need to watch for these 3 things:
1. Wait for the Stochastic RSI indicator to bounce from oversold readings.
2. The price needs to stay above the 200-day simple moving average.
3. The RSI needs to cross above the mid-level 50.

200-Day Simple Moving Average
NEXO’s price needs to stay above the 200-day simple moving average. The 200-day SMA also aligns perfectly with the big round number of $2.00, which provides more confluence.

RSI Oscillator
Another factor to consider before calling a bottom is to wait for the RSI to cross above the mid-level 50. A crossing above the 50 level would signal the return of bullish momentum and subsequently the end of the pullback.

Stochastic RSI Indicator
Lastly, traders need to wait for the stochastic RSI crossover before calling a bottom; the fast stochastic needs to cross above the slow stochastic. Additionally, it’s better to wait for the stochastic RSI to bounce up from oversold readings. This will ensure again that NEXO is ready to climb higher.