Bitcoin
BTC$47 925.68

0.68%

Ethereum
ETH$3 423.11

0.38%

Cardano
ADA$2.37

0.38%

Binance Coin
BNB$410.57

0.26%

Tether
USDT$1.000627

0.04%

XRP
XRP$1.078025

0.61%

Nexo: Bullishness Becomes More Apparent


#Nexo

Cryptocurrency loans have been getting a lot of traction lately, mainly because they offer a more lucrative passive income, compared to the traditional bank loans, plus the borrower doesn’t have to jump through numerous bureaucratic hoops in order to get the loan. There isn’t a shortage of companies that provide crypto lending services. Still, the majority lacks either a sustainable business model or a custodian; some of them don’t even bother about compliance with the KYC/AML standards.

That is certainly not the case when it comes to Nexo, the blockchain project that stems from the lending firm called Credissimo, founded in 2007 and rated among the top 10 alternative European fintech business entities in 2017. The project currently boasts more than half a million active subscribers, the full KYC/AML compliance thanks to the use of Onfido, the partnership with BitGo for custody purposes, and complete transparency thanks to regular audits by Deloitte.

Therefore, NEXO is very solid fundamentally, which is probably one of the reasons why the currency has been doing so well lately.

Initial crash turns into a persisting uptrend


In 2018, Nexo carried out a successful ICO of its proprietary token NEXO, although its price had crashed almost instantly after the listing on trading platforms, having gone from the historical peak at $0.38 all the way to the very bottom at $0.043. Nevertheless, the altcoin didn’t stay at that low point for long since it reversed the downtrend almost immediately, as it went on the first of its two significant bull rallies that occurred within a span of sixteen months.

NEXO historical price action

That reversal was easy to detect since there has been a clear-cut bullish divergence on MACD, which has given way to the present bullish cycle. During the past two years, NEXO has been flowing in a distinctive rising channel with the strong support that didn’t crack up even during the coronavirus crisis.

The analysis of price action on the macro level shows that Nexo is arguably the most bullishly inclined altcoin out there. Given its good fundamentals, we claim that it has the potential for renewing the all-time high this year, either by continuing the steady rise within the confines of the designated channel or by performing a powerful breakout. However, given the current stagnation in the market in general, the breakout is unlikely to happen during this cycle. Judging from the fact that the price has already conquered the interim resistance at $0.15, we have established the next price target at $0.22, which NEXO will hit over the course of the next 30 to 60 days.

1-day NEXO/USDT chart

The situation on the daily time frame looks equally bullish for NEXO, especially since the emergence of the golden cross right at the inception of the current bull run. We believe that NEXO is going to repeat the scenario of the previous move when the price tested the resistance at $0.15, got rejected, spent some time accumulating, and then breached the resistance level. At this juncture, we expect a 12% retracement to the support at $0.15, followed by a week-long accumulation that is going to result in a 30% upswing and entrenchment above $0.15.

Author: Alex Paulson for Crypto-Rating.com


Related

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 86.4% 18 $47 925.68 0.68% 6.58% $901 951 445 458 $27 919 462 130
2 Ethereum (ETH) ETH Ethereum predictions 76% 50 $3 423.11 0.38% 5.21% $402 491 721 391 $15 553 045 416
3 Cardano (ADA) ADA Cardano predictions 67.2% 67 $2.37 0.38% -7.94% $75 823 653 054 $2 080 207 302
4 Binance Coin (BNB) BNB Binance Coin predictions 68.8% 70 $410.57 0.26% 2.36% $69 032 640 296 $1 283 622 699
5 Tether (USDT) USDT Tether predictions 96% 1 $1.000627 0.04% 0.04% $68 335 359 250 $59 329 429 542
6 XRP (XRP) XRP XRP predictions 72.4% 59 $1.078025 0.61% 0.96% $50 259 931 930 $2 252 778 370
7 Solana (SOL) SOL Solana predictions 57.6% 90 $167.50 13.39% -4.91% $49 743 317 996 $5 600 026 562
8 Polkadot (DOT) DOT Polkadot predictions 59.2% 81 $34.32 2.31% 8.72% $33 890 426 406 $1 838 398 069
9 Dogecoin (DOGE) DOGE Dogecoin predictions 62.8% 75 $0.241065 -0.37% 0.25% $31 660 952 487 $981 852 553
10 USD Coin (USDC) USDC USD Coin predictions 93.2% 1 $1.000557 0.03% 0.03% $29 403 262 185 $2 112 261 871
11 Avalanche (AVAX) AVAX Avalanche predictions 64.8% 69 $69.31 -5.01% 25.67% $15 268 911 437 $1 827 693 735
12 UniSwap (UNI) UNI UniSwap predictions 71.6% 63 $24.33 -0.87% 8.50% $14 880 383 376 $283 300 955
13 Terra (LUNA) LUNA Terra predictions 68% 64 $35.04 0.38% -9.65% $14 075 024 420 $740 942 492
14 Chainlink (LINK) LINK Chainlink predictions 74.4% 52 $28.27 1.53% 5.94% $12 820 613 105 $1 032 467 819
15 Binance USD (BUSD) BUSD Binance USD predictions 94.4% 1 $1.000531 0.04% 0.04% $12 820 356 340 $4 823 361 344

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.