thecoinrepublic.com
- Nexo comes to an agreement with the agency to make penalty payments.
- A week ago, Bulgarian authorities raided Nexo offices.
- Prices increased by more than 13%.
It’s been a week since the local authorities raided Nexo’s Bulgarian offices. A week after, the crypto lender reached a settlement with the US Securities and Exchange Commission (SEC) to make a penalty payment of $45 million and to discontinue its unregistered offer and sale of the Earn Interest Product (EIP) to the investors in the States. The SEC has charged Nexo for the unregistered offering of its crypto lending product, EIP.
According to the statement released by the SEC, Nexo has agreed to pay a $22.5 million penalty and an additional fine of $22.5 million to address comparable allegations brought forth by state regulatory authorities. On the contrary, the NEXO token has seen a price hike of more than 13%. The prices have defied the negative impact on token prices throughout the weak, and on the day of settlement, they have shot up.
The Picturesque
The NEXO prices have breached the parallel channel being formed since the beginning of the year. All crucial EMAs were claimed while surging, where the EMAs pose a possibility of a bullish crossover in the near term. The volume records a mix of buyers and sellers. The OBV shoots up for the rising prices. With respect to the previous momentums, the price rally may reach up to $0.93.
The CMF tries to rise higher from the baseline to reflect the price rocket propelling higher. The MACD records a long rule of buyers as the lines are diverged by the bulls. The RSI holds a spot in the overbought zone to mirror the buyer influence.
The closer window
The smaller time frame suggests an extended rise, but at a declining rate. The CMF currently rests in the positive zone to mark the positive outlook for the token. The MACD records tall standing buyer bars as the lines diverge positively. The RSI lies akin to the 70-range to display the buyer-dominance.
Conclusion
The NEXO token prices have disagreed with the news over the past week amid the news. The company has reached a settlement stage with the authorities and put an end to this case. The holders react adversely to the news and buy the token in bulk.
Technical levels
Support levels: $0.68 and $0.57
Resistance levels: $0.93 and $1.04
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.