NEXO token price prediction: time to buy the dip?

 A correction or end of the rally?

The NEXO (NEXO/USD) price is crawling back after crashing by more than 11% earlier Tuesday. NEXO rose to $1.6315, which was higher than the intraday low of $1.5653. It is also about 45% below the all-time high, bringing its total market capitalisation to more than $908 million. It is the 79th biggest digital coin in the world.

Nexo retreats

Nexo is a leading fintech company that provides multiple services to customers from around the world. The company has more than 1.5 million global customers and is available in more than 200 countries. The firm offers a platform that allows people to borrow money and earn interest. They borrow using their digital currencies as collateral. It has more than $375 million in insurance for all its deposits.

The NEXO token, on the other hand, is the native token for the company’s platform. The token provides unitholders several benefits like interest. The average interest they earn is about 12% per year, which is an excellent return for most people. Buying the token also provides users with additional features like a higher yield on fiat and cryptocurrencies, free crypto withdrawals, and preferential borrowing rates. 

The NEXO price bounced back after falling to $1.2265 last week. This rally was in line with the overall strong performance of other digital currencies. The main catalyst was the B-Word Conference where Elon Musk talked about his interest of cryptocurrencies. He also said that SpaceX had acquired some Bitcoin

The trend accelerated during the weekend when users found that Amazon was advertising for a crypto lead. This pushed people to speculate that the company was considering investing in digital coins like Bitcoin. In the past, altcoins like NEXO tends to follow the performance of BTC. 

NEXO price prediction

NEXO priceNEXO price chart

The hourly chart shows that the NEXO price declined by more than 7% from its highest level this week. As it did this, the coin moved back to the ascending channel. It has also moved slightly above the 25-day and 50-day moving averages (MA) while the Relative Strength Index (RSI) has moved back above 50. 

The price has also moved above the Ichimoku cloud. Therefore, there is a possibility that the coin will maintain the bullish momentum as investors target the next key resistance at $1.75. On the flip side, a move below $1.5645 will invalidate this price action.

The post NEXO token price prediction: time to buy the dip? appeared first on Invezz.

Publication date: 
07/27/2021 - 11:03
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Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.