Altcoins

Nexo Price Analysis: NEXO Coin Price Taking Its Time To Reach The Moon

  • NEXO price is currently in a consolidated momentum on the daily chart . It is currently trading at the value of $3.69
  • Technical Indicators hints at a bullish momentum in NEXO coin price.  In contrast,NEXO/BTC pair is seeing  a bullish momentum

Why To Invest In NEXO Coins?

Nexo token gives its users  crypto-backed loans with the help of blockchain platforms. One can deposit  tokens such as Bitcoin, ETH, Litecoin or XRP  as a security to receive the loan. It has an ROI of more than 1700% which has always benefited the investors. It is currently up by more than 10X within a span of four months. A team of finance and crypto enthusiasts founded this blockchain.  They claim to be the first ever provider of the cryptocurrency backed loan in the current market. They also  aim to remove the inefficiencies in the lending and borrowing market by implementing the smart contracts. NEXO coin  price has been up by more than 400% from last year’s value. One can position their fund as per their risk appetite and price action.

Technical Indicators Suggests A Recovery In Nexo Token Price

Source: Trading view

Bulls are on roar on the weekly technical chart of the NEXO coin price . The price is still looking to break the consolidated zone on the daily chart.  Resistance for Nexo coin  price while going  upside can be seen near  $3. The support in the asset price can be observed near $1. The price is currently trailing  below 50 and 100 Daily Moving Average, with a negative cross over. The 100MA (Blue) line is at $2.64 making it a temporary  area for hostile regions for the coin . The negative cross over in the Moving average can push the price further below. If the price goes above $3 then a strong bullish momentum can be seen . NEXO/BTC pair is  currently seeing a  positive momentum  and can continue the uptrend in upcoming days.

RSI(Bullish): RSI for the asset price is currently  near the value of 43.92 while being in a neutral zone. There is a small positive slope formation in  the RSI, which highlights the possibility of uptrend . RSI depicts a bullish momentum for  price

Conclusion

NEXO coin price has been a very profitable investment for its user in the past and can be the same in future. It is currently seeing a halt from the bullish momentum but can soon reach new heights.  An Investor should do their due diligence before investing.

Technical Levels

Major Support:$1

Major Resistance:$3

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Source: themarketperiodical.com

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