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- NEXO price is currently seeing a strong bullish momentum. Meanwhile the price is currently seeing a gain of 21% in the intraday time frame
- Technical Indicators suggests a consolidation in NEXO price.Meanwhile,NEXO/BTC pair is observing a strong bullish momentum
Why To Invest In NEXO Token?
Nexo offers users instant cryptocurrency-backed loans with decentralized and blockchain applications. One can deposit an accepted token such as Bitcoin, ETH, Litecoin or XRP as collateral to receive a loan in the form of a fiat currency or stablecoin.It was founded by a team of finance professionals and crypto enthusiasts. They turned to blockchain to create the crypto equivalent to a service well established in traditional finance. NEXO claims to be the first ever provider of the cryptocurrency backed loan. They aim to reduce the inefficiencies in the lending market with the help of smart contracts. NEXO Token price has seen significant gains in the past and can continue the same in future.
Technical Indicators Suggests A Recovery In Nexo Token Price
NEXO price weekly technical chart suggests a strong bullish momentum. Meanwhile a halt in the uptrend can be seen in the daily chart. The resistance for Nexo token price on the upside can seen at $3. One can expect a bounceback in the price from $1. The price is currently trading below 50 and 100 Daily Moving Average. The 100MA (Yellow) line is at $2.84 making it a temporary resistance area for the coin . The coin price has formed various bullish candles on the daily chart. If the price sees a jump above $4, then it can quickly see two times gain . NEXO/BTC pair is performing positive and can continue the uptrend in upcoming days.
RSI(Bullish): It is trailing at 43.08 , showcasing its presence in the neutral area. There is a small positive slope formation in the RSI, highlighting a possibility of uptrend in the future. RSI depicts a bullish momentum for price.
Conclusion
NEXO token price has seen a journey of $1 to $4 and then $4 to $1 in a very less period of time. It is currently on an uptrend and can soon reach its ATH mark. An Investor should do their due diligence before investing.
Technical Levels
Major Support:$1
Major Resistance:$3
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
