Nexo (NEXO)

Current price: $ 0.23

24 hours price change: $ 0.006576 (2.95%)

NEXO - ADX

The Average Directional indicator (or ADX) is a directional trading indicator that is used to identify a technical trend, in this case of the Nexo. The trend that is being identified, can be both a positive trend as a negative trend in the pricedevelopment of Nexo.

The ADX was primarily developed for commodities, however it is also in use for stock and currency technical analysis, as well as for Nexo. In this continuously updated article, we will explain the meaning and current trend of Nexo. The current ADX analysis is based on the historical prices of Nexo until July 11th, 2020.

In the chart below, the strength the trend is drawn, as well as the positive and negative directional indicators. The ADX (Average Directional Index) is the black line. The positive directional indicator (+DI) is the green line, and the negative directional indicator (-DI) is drawn in red.

Price chart for Nexo from 01/11/2020 until 07/11/2020.

In the chart above, the development of the price for Nexo is shown for the period from 01/11/2020 until 07/11/2020. This same timeframe has been used in the average directional indicator chart below.

Average directional indicator for Nexo until 07/11/2020.

In the charts above, you can see the trends of the ADX, +DI and -DI. The current values of these three indicators for the Nexo are listed in the table below.

Nexo average directional index 28.44
Nexo positive directional indicator 64.15
Nexo negative directional indicator 35.20

 

Several signals can be gained from the chart above. First of all, the green line gives us an indication of the positive trend. The opposite line, the red one, indicates the negative trend for Nexo.

When the green line tops the red line, the Nexo is in a positive trend. However, when the situation turns around, the trend has also changed to a negative trend for Nexo.

Furthermore, the black line gives the strength of the current trend of Nexo, both positive and negative. The higher the black line (ADX), the stronger the trend.

Nexo ADX score

The Average Directional Index (ADX) is used to measure the strength or weakness of a trend, not the actual direction. In general, when the positive directional indicator is higher than the negative directional in indicator, the trend of Nexo is assumed to be positive. An important signal is when the -DI (red line) and +DI (green line) crosses over.

The current directional indicator gives a positive signal for Nexo. The positive directional indicator for Nexo is 64.15, which is higher than the negative directional indicator (35.20). The trend that the Nexo follows is a positive one.

The current ADX value is 28.44, which tells us that the current trend is strong. Using these values, we can asume that the Nexo will continue its upwards trend. In short, the current average directional index gives us a buying signal for the Nexo. However, keep an eye on turning trends.

 

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