The Nexo token price has jumped in the past five straight days. The token is trading at $2.23, which is the highest it has been since July this year. It has jumped by more than 86% from its lowest level in July, bringing its total market capitalization to more than $1.28 billion. It is the 83rd biggest cryptocurrency in the world.
Nexo is a fintech company that is changing the cryptocurrency industry. The company provides a platform that allows people to buy cryptocurrencies. It also has features that enable people to earn interest and even borrow money. Its yielding product allows people to earn up to 12% APR, which is a relatively high interest.
One can borrow 21 cryptocurrencies instantly. Nexo also provides a Nexo card and a cryptocurrency exchange. The icing of the cake is that Nexo is insured for up to $375 million by BitGo and Ledger. To date, Nexo has more than 2 million members globally and is available in 200 countries and jurisdictions.
The NEXO token is the native currency for this ecosystem. It is used to provide incentives to the company’s customers. People who use NEXO earn more interest than those who don’t.
The Nexo price retreated briefly this week when the New York Attorney General (NYAG) warned companies offering yield products in the state without regulation. The attorney general warned two companies to cease-and-desist offering these services there in a bid to protect users. The affected companies were Nexo and Celsius Network. She said:
“Cryptocurrency platforms must follow the law, just like everyone else, which is why we are now directing two crypto companies to shut down and forcing three more to answer questions immediately.”
However, Nexo released a statement saying that the company did not offer these products there. The firm’s CEO said that it made little sense to receive a cease and desist for something it was not offering.
The four-hour chart shows that the NEXO price has been in a bullish trend this week. This trend has seen the coin move above the upper side of the rectangle pattern at $1.8145. The coin had struggled moving above that level several times before.
The bullish trend is being supported by the 25-period and 50-period moving averages. At the same time, oscillators like the MACD and the RSI have also been supportive. Notably, it also appears to be forming a bullish pennant pattern.
Therefore, there is a likelihood that the NEXO price will keep rising as bulls target the next key resistance at $2.5. This view will be invalidated if the coin moves below the support at $2.0.
This post was last modified on %s = human-readable time difference 07:10