- Nexo price continued its recovery as other cryptocurrencies pulled back.
- The coin has jumped by more than 48% from the YTD low.
Nexo price continued its recovery even as other cryptocurrencies pulled back. The token rose to $0.83, which was the highest point since August 2nd of this year. The price is about 48% above the lowest level this year, giving it a market cap of over $455 million.
Nexo defies gravity
Nexo is a leading company in the blockchain industry that offers a variety of financial services. It is a crypto lender that provides collateralized loans to customers from around the world. Nexo also has a yield product that makes it possible for people to earn substantial returns by just depositing cryptocurrencies like AVAX and Algorand.
Further, Nexo has a marketplace where people can buy and sell cryptocurrencies in a few steps. Like other companies in the industry, Nexo has gone through substantial challenges as cryptocurrency prices decline.
The company has seen deposits slip and demand for its services decline as people worry about its business following the collapse of Celsius and Voyager Digital. It now has about $4 billion in customer deposits, down from over $6.2 billion in May.
Nexo price has recovered recently since the company has managed to remain afloat during the most challenging period of cryptocurrencies. The management has also expressed hopes for acquiring struggling companies in the industry.
Nexo has also done well because of the overall recovery of cryptocurrencies. BTC has moved from the year-to-date low of about $18,000 to $23,000 while ETH is hovering around $1,700.
Therefore, investors believe that the recent sell-off has ended and that coins will continue the recovery process.
Nexo price forecast
The four-hour chart shows that the Nexo token price has been in a strong bullish comeback in the past few days. Like other coins, it has recovered by over 40% from its lowest level. It has moved above the 25-day and 50-day moving averages while the MACD remains above the neutral point.
Therefore, Nexo will likely continue rising as bulls target the upper side of the ascending channel pattern at $0.90. This price is about 12% above the current level. A drop below the support at $0.75 will invalidate the bullish view.
Contributors
