NEXO has been quietly holding structure while BTC grinds higher. Worth watching.
Most people aren't paying attention to NEXO right now because BTC is getting all the headlines. But the daily chart has been telling an interesting story.
After the brutal flush to the $0.65 area in February with massive volume, price snapped back hard and has been building structure ever since. The $0.803 horizontal support level that everyone was worried about got tested, held, and is now sitting well below current price.
Right now NEXO is oscillating between the mid and upper Bollinger Band at $0.906 and $0.926 respectively. Price is at $0.915, RSI neutral around 53-54. It's range-bound but range-bound at the high end of the recent recovery, not at the lows.
That's a different picture from three months ago.
Key levels are at $0.90, then $0.88 mid-BB, then $0.87. Resistance at around $0.93, then $0.96.
The setup I'm watching is whether price can break and hold above $0.93 with conviction. If BTC continues grinding higher toward 84K, NEXO tends to follow with a lag. Alts that have been building structure quietly during BTC's rally tend to move fast once BTC stabilizes.
I've been accumulating at these levels and holding on Nexo. The fundamentals haven't, price has just been compressing.
Is anyone else building a position here for any other alts or waiting for BTC to confirm first?