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The V-shaped recovery in the 4-chart with the demand near the $2.25 mark aims to hit the $3.5 mark.
Nexo wants to create a client base that continues to use the platform and remains invested in NEXO. The company has announced a loyalty program to reward those who keep the tokens in their accounts.
This includes higher interest rates for loans and better yields on savings. Nexo pays 30 percent of its profits to holders of tokens in the form of dividends.
Let us now move ahead to the technical analysis of the NEXO.
Past Performance of NEXO
The NEXO coin price gives a bullish reversal as it finds demand near the $2.22 mark. Thus, resulting in an up move of 25 percent in the past three days. Moreover, the uptrend breaks above the $2.8 mark.
Hence, once the price retests the bullish breakout we can observe the price reach the $3.15 or even $3.5 mark.
NEXO/USD Daily Chart
NEXO Technical Analysis
The NEXO coin price shows a V-shaped recovery in the 4-hour chart with the increasing number of bullish engulfing candles. Hence, the chances of the price reaching the $3.5 mark are increased.
The RSI indicator approaches the overbought zone in the 4-hour chart indicating the buying pressure is reaching the saturation level. Hence, consolidation could be seen before the bull run.
The MACD and signal lines maintain a positive alignment as they rise above the zero line in the 4-hour chart. And, with the increasing frequency of the bullish histograms the indicator gives a buy signal.
Upcoming Trend
The NEXO price action shows a bull run in action and is yet to sustain above the $2.8 mark. Hence, the retest of the $2.8 mark is an excellent entry spot with the rise of bullish powers.