Nexo (NEXO) peaked at $4.05 in the beginning of May. The cryptocurrency succumbed to the bearish pressures in the market and fell drastically. Nexo coin is struggling to regain bullish momentum ever since. At the time of writing, Nexo stands at a price level of $1.32. The price has declined by 6% in the past twenty-four hours while the trading volume has also gone down by 11%.
Nexo (NEXO) technical analysis
The market sentiment for Nexo continues to be bearish. Out of the total twenty-six technical indicators, fourteen are giving out a signal of sell while ten are standing at a neutral position with only two indications of buy.
Nexo coin is currently operating near a strong support level at the price of $1.03. The cryptocurrency is expected to stabilize at the support level if bearish divergence increases. On the upside, if the market trend is reversed and Nexo reaches upwards various resistance levels can also be found. The immediate strong resistance less at the price level of $2.16 – which is also the short-term price target – followed by $2.75 – the long-term price target for Nexo.
What is Nexo (NEXO)?
Nexo is a blockchain-based lending platform which offers instant cryptocurrency loans for borrowers and interest payments for lenders. Borrowers deposit cryptocurrencies as collateral – up to 20 cryptocurrencies accepted – and receive loans in fiat currency or stablecoins with no credit line checks as the process is fully automated.
Cryptocurrency and fiat currency interest rates are as high as 12% per annum for lenders. Users can add or withdraw funds at any time. Nexo also has its Nexo card which allows users instant 2% cashback on all purchases with flexible repayment options. The Nexo card is accepted by more than 40 million merchants world wide.
