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The cryptocurrency market is still consolidating after a notable plunge at the beginning of the week, resulting in short-term traders liquidating their holdings. However, some tokens have been registering slight gains allowing them to recover from the 24-hour dip.
Nexo (NEXO/USD) is trading at $2.36 at the time of writing after registering a 3.2% gain in 24 hours, according to CoinGecko.
NEXO creates a bullish flag
NEXO has created a bullish flag during the past 24 hours allowing it to push towards new highs. The bullish flag has been caused by positive developments within the NEXO ecosystem.
If the market and buying pressure strengthen, NEXO could push towards the higher resistance level at $2.51. This resistance level is a 7-day high for the token, and if it tests again, it could allow it to head towards notable highs.
Increased buying pressure could push NEXO towards the higher levels of $2.75 and later $2.98, after which the target price for this token will be $3.01.
On the other hand, NEXO could fail to maintain the bullish pressure, leading to the token dropping towards the lower levels of $1.75. The cryptocurrency market is currently volatile due to increased activity from short term traders. Therefore, any lack of support from the broader market could mean dips for NEXO.
Nexo’s positive developments
The Nexo ecosystem has been registering positive developments that are creating a bullish flag for NEXO. These positive developments include the recent partnership between NEXO and Mastercard.
On Wednesday, Nexo announced a partnership with Mastercard to launch the first “crypto-backed payment card.” The card will be rolled out in European countries during the initial stages, and it will allow the holders to spend cryptocurrencies without having to sell them. The cryptocurrencies will also be used as collateral for the granted credit.
The other positive development within the NEXO ecosystem is the recent launch of Nexo Prime. The platform announced the launch of a new division targeting institutions, high net worth individuals and corporates. These positive developments are a bullish sign for the NEXO token.
The post NEXO rallies as network record positive developments appeared first on Invezz.
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