This is what can be expected from NEXO cryptocurrency in the short term – CVBJ

0


The situation is still difficult in the crypto market. Despite this, some participants are trying to rally or even turn bullish in the short term. Nexo cryptocurrency is among those struggling to start showing positive signals.

As of this writing, NEXO is trading at $ 2.32, accumulating a 4.15% gain over the past 24 hours. Its market cap is $ 1.3 billion which is why it is ranked 81st in the Crypto Online ranking.

To put us in context, this coin is native to a platform that offers immediate loans backed by cryptocurrencies. Users deposit one of the currencies accepted by the protocol, such as BTC, ETH, or XRP as collateral, and receive a loan in fiat or stablecoin in return.

Currently, Nexo manages the assets of over 2.5 million users worldwide, becoming one of the most popular blockchain platforms in the lending segment.

Recently, Fidelity Investments’ cryptocurrency affiliate with the Nexo platform, announced a partnership to offer crypto asset custody services and specialist lending products for institutional investors, news that will grow without no doubt even more the scope of this protocol. blockchain.

Technical analysis of NEXO cryptocurrency

Following the announcement of the partnership with Fidelity, the NEXO cryptocurrency rebounded with relevant force, however, it did not confirm that the bulls had regained control.

We see that the price has fallen throughout November and the current week has hit a low of $ 1.94.

This fall, NEXO has found some pretty relevant support, and it looks like a good place to start some new bullish momentum.

It is clear that buyers are the dominant force. Recently, the price has escaped above a symmetrical triangle, resuming the long term trend. The decline was a simple correction, and the search for new all-time highs may be about to begin.

Weekly chart of the price of NEXO cryptocurrency.  Source: TradingView. Weekly chart of the price of NEXO cryptocurrency. Source: TradingView.

Short-term prognosis

In the daily candle chart, we see that the price has remained bearish in the short term, due to continued lows and higher and lower highs.

A few hours ago the Nexo cryptocurrency hit a higher low which could be an attempt to change the trend in the near term.

However, as long as the resistance at $ 2.41 is not broken, it is more likely that we will see more losses in the next few hours / days.

When we start to see higher and higher lows and highs on the daily chart, then we can be more confident in a scenario where new highs are soon to be reached.

All of our publications are informative, so they should in no way be construed as investment advice.

Did you like the content? Share it


Share.

About Author

Comments are closed.