- Nexo price pumped by more than 20% on Friday.
- The rally is likely because of the recent partnership with Mastercard.
- Binance announced that it will list the token on Friday.
The Nexo price jumped sharply on Friday even as other cryptocurrencies recoiled. The token’s price rose to a high of $2.60, which was the highest level since April 4th this year. That price was about 28% above the lowest level this week, bringing Nexo’s market cap to over $1.2 billion.
Why did NEXO pump?
Nexo is one of the biggest companies in the cryptocurrencies industry. The firm’s flagship product enables people to borrow funds using their cryptocurrencies as collateral. This idea is a bit simple. A crypto believer can access cash while maintaining their holdings.
In the past few years. Nexo has been adding to its products. It launched an exchange where people can easily buy cryptocurrencies within a few seconds. It now offers some of the leading coins in the industry like Bitcoin, Ethereum, LUNA, and even ApeCoin.
Nexo also has a feature that lets people earn returns from their cryptocurrencies. All you have to do is to buy a coin and start earming up to 17% APR, which is a better return than what most assets offer. Today, Nexo has over 4 million users globally and more than $12 billlion in assets under management. Some of the most popular yielding coins in NEXO are Avalanche, Maker, 1Inch, MATIC, and Polkadot.
Most recently, Nexo partnered with Mastercard to launch its Nexo Card solution. The card now enables people to earn up to 2% cash back in BTC or NEXO. It also provides a credit line with rates that starts at 0% APR.
The NEXO price is likely rising after the company started offering the Nexo Card service. It also ended a giveaway where a select number of people received rewards worth about $100 for activating their cards. Another possible reason is that Binance announced that it will list the coin on Friday.
Nexo price prediction
The daily chart shows that the Nexo price has risen in the past three straight days. It then made a major pump on Friday and managed to move above the 25-day and 50-day moving averages. The coin also moved slightly below the 50% Fibonacci retracement level while the Stochastic oscillator has moved close to the overbought level.
Therefore, there is a likelihood that the Nexo price will keep rising in the near term as investors target the key resistance at $2.8130. A drop below the support at $2.30 will invalidate the bullish view.
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