TheCoinRepublic

The NEXO token is going to break an exciting chart pattern

HUOBI:NEXOUSDT   Nexo / Tether USD
The NEXO token has been consolidating into the ascending triangle pattern for the past several months.
The NEXO token is making inside the candle in the weekly price chart.

What will be next; breakout or breakdown?

As per the Fibonacci Retracement , bulls need to keep NAXO price above $2.5 (which is 0.5-level Fibonacci); below this level, buyers will continue to struggle to dominate the NAXO trend.

The Stoch RSI is near an overbought area in terms of the daily price chart. The indicator has broken above the short term descending trend line (white), and is ready for a move towards the 100-mark. Furthermore, the Average Directional Index is declining gradually and is approaching 11-point, which suggests an extreme sideways movement.

We should wait for this symmetrical triangle pattern to break; after that, we should plan the next move. The bulls can possibly win the game as the NAXO token is just below the upper limit.

Resistance level- $0.95 and $1.4
Support level- $0.60 and $0. 40

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