- Nexo has breached its largest resistance twice this year already.
- Right now, the coin sits right below it, making ready to try and breach it again.
- If it succeeds, this could become a very strong support, and maybe let it try to reach its old ATH.
Nexo (NEXO) price once again made an attempt to breach its highest resistance at $0.2, doing it for the third time this year. The last two times this happened, the price managed to breach the resistance and even remain above it for some time, before being rejected in the end. Hopefully, Nexo will have more success this time around.
Nexo in early 2020
While Nexo, currently the 77th largest coin, does have the will and ability to grow, most of its notable market movement happened during this year’s market-wide rallies.
The coin started growing as soon as 2020 had started, although its growth was pretty weak. The coin moved from $0.10 to $0.12 in the first week of January, before a correction took place, taking it back to $0.10.
However, by early February, when the market started experiencing its first major bull run of the year, NEXO was quick to join and it skyrocketed to $0.22 in about two and a half weeks.
This was the first time in 2020 that it managed to breach the resistance at $0.20, which has been the toughest level in its history.
Soon after hitting $0.22, the coin dropped below the $0.20 resistance, and while it tried to breach it once more, it failed due to the mid-March crash.
Nexo after March
In the months after the crash, most cryptos saw steady recovery which was marked by strong volatility, but was, overall, going up. Nexo, on the other hand, climbed quickly back to its $0.1 support, but it remained rather close to it until late May.
After that, it saw a surge that took it up to $0.13, where it remained until mid-June. That was when another surge took place, and this one made up for the past few months’ lack of progress. Those who opted to buy Nexo were quite glad to see it skyrocket to $0.2 once again, and after a short time, even breach this level and hit a new YTD high at $0.23.
Naturally, a correction followed soon, and it took NEXO below $0.20 resistance once more. Now, the coin is trying to breach this level for the third time, although for now, it still sits below it, at $0.197.
Conclusion
NEXO was quick to join major market-wide surges, and it skyrocketed several times this year. For now, its strongest resistance still poses a problem, although it might not be that way for much longer.
