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Nexo is a blockchain-based lending platform that offers users instant cryptocurrency-backed loans. Users deposit an accepted token — such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), or XRP (XRP) — as collateral to receive a loan in the form of a fiat currency or stablecoin. Nexo was founded by a team of finance professionals and crypto enthusiasts The project was first announced in December 2017 and launched in April 2018.
Let us look at the technical analysis of NEXO.
Past Performance
NEXO started trading at $1.75 on 15 October 2021. The later part of the week witnessed a sharp uptrend, after which it closed at $2.25 on 21 October 2021. This was an overall change of 28.6% over the week.
Source: https://www.tradingview.com/x/LKXgay0E/
NEXO Technical Analysis
The price chart was moving without any significant fluctuation in the first part of the week. On October 18, 2021, the price took support at $1.6 to start an uptrend. The current trading price of NEXO is $2.27, which is 1.39% higher than compared to yesterday.
OBV is showing a sharp uptrend in its graph, which means that the buying pressure is much higher than the selling pressure. This is a bullish signal. Traders may take a long position.
RSI is also on an uptrend and has entered the overbought region. It is currently 75.28%. This is again a bullish signal and the traders may take a long position here. However, since the RSI has entered the overbought region, a trend reversal may also be seen in the coming days.
MACD is confirming the previous week’s uptrend. This can be seen as the fast line is making an inclined slope and the height of the histogram is increasing. Both the lines are moving in the positive direction as well. This is again a bullish signal. Treaders may take a long position.
Day-Ahead and Tomorrow
Fibonacci retracement shows that the uptrend started from the Fibonacci pivot at $1.66. The NEXO price has successfully crossed the next Fibonacci levels.
Thus, the traders may take a long position as the indicators are more on the bullish side. Target can be kept at $2.5 and stop-loss at $2.08.