Nexo Price Up By 25.56% – Time to Buy NEXO Coin?
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Popular crypto lending protocol Nexo blockchain has been on a tear lately. The performance of the digital asset on the crypto market has caused a frenzy to buy NEXO. This article looks into the technical and fundamental performance of NEXO in the last 24 hours.
NEXO Price On A Tear
The NEXO token has surged as Bitcoin and several top-ranking alternative currencies (altcoins) rally. The virtual currency is up 25.56%, and 1 NEXO token currently changes hands at $2.3179.
Weekly gains of 36.55% show that NEXO is on a tear and pushing new highs as more investors flock into the nascent space. Another major rally of NEXO is expected, given that the digital asset has previously hit a 52-week high of $3.8989 on May 15.
However, a subsequent market decline led to its dipping by as much as 50% to $1.2509 on June 27. The recent fresh tailwind the crypto market is experiencing could push NEXO to new highs, given its spike in 24-hour trading volume.
The crypto protocol has since seen an increase of 132.04% in investor funds, positively impacting its market cap of $2.269 billion. The digital asset’s market cap has spiked by 16.21% so far today. This upsurge presents a unique opportunity to buy NEXO and rise with the broader market.
NEXO Technical and Fundamental Analysis
On the trading chart, NEXO is showing strong bullish momentum. The digital currency is soaring above the 20-day moving average (MA) support price of $1.7403, reflecting a strong investor interest. This short-term spike has impacted positively on NEXO’s longer-term performance. The digital asset is also trading above the 200-day MA price of $2.1117.
With such strong potential, NEXO could set another record high above the $2.5 resistance mark.
The relative strength index (RSI) shows a continued bullish trend with the oscillator trading in the overbought region at 75.05. The moving average convergence and divergence (MACD) are bullish as the green trendline is soaring above the orange trendline. This data usually depicts a buying signal and indicates that this could be a good entry point to buy NEXO.
Based on the fundamentals, the Nexo blockchain has seen an admixture of both bad and good news. In a recent round of regulation, the New York Attorney General (NYAG) office issued a cease and desist order to the Nexo blockchain. According to the order’s contents, Nexo has been instructed to stop offering crypto-related services to residents of New York as it is not approved to operate in the empire state.
However, the Nexo team has pointed out that it does not serve the highlighted group of clients and will engage with the regulatory body.
In positive news, multi-asset management platform Advcash has integrated with Nexo’s Earn API. The business-to-business (B2B) yield-generating product will be on tap to over four million Advcash customers.
The Nexo platform is one of the top lending institutions in the digital asset space. Originally launched in 2018 as a FinTech company, Nexo focuses on providing lending services through blockchain technology.
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