- Bullish NEXO price prediction ranges from $1.94 to $2.17.
- The NEXO price might also reach $2.30.
- NEXO bearish market price prediction for 2021 is $1.68.
Nexo is a blockchain-based lending platform that provides instant cryptocurrency-backed loans to its users. Users provide collateral in the form of an accepted token, such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), or XRP (XRP), in order to receive a loan in the form of a fiat currency or stablecoin.
Nexo is a one-of-a-kind platform that lets you earn interest on cryptocurrency investments. Interest rates vary depending on distribution method and coin, but you can expect to earn between 6% and 12% APR on your investments.
Current Market Status of Nexo (NEXO)
According to Coingecko, the price of NEXO is $1.80 with a 24-hour trading volume of $10,496,263 at the time of writing. However, NEXO surged to 4.43% in the last 24 hours.
Nexo (NEXO) Price Prediction 2021
Nexo (NEXO) holds the 85th position on CoinGecko right now. NEXO price prediction 2021 is explained below with a daily time frame.
An ascending channel is defined as the price action contain between two parallel upward sloping lines. This price pattern is distinguished by higher highs and lower lows. An ascending channel is created by drawing a lower trend line that connects the swing lows and an upper channel line that connects the swing highs.
Price does not always remain entirely formed within the parallel lines of an ascending channel, but instead shows areas of support and resistance that traders can use to set stop-loss orders and profit targets. A breakout above an ascending channel may indicate a continuation of the upward trend, whereas a breakdown below an ascending channel may indicate a change in trend.
Currently, NEXO is waving at $1.80. After this, NEXO may continue to fall or rise according to the direction of breakout. With this pattern, NEXO might reach the resistance level at $2.12soon. If the trend reverses, then the price of NEXO may fall to $1.68.
Nexo (NEXO) Support and Resistance Level
The below chart shows the support and resistance level of Nexo (NEXO).
From the above chart, it is observed that the following are the resistance and support level of NEXO.
- Resistance Level 1 – $1.94
- Resistance Level 2 – $2.12
- Support Level 1 – $1.68
- Support Level 2 – $1.52
- Support Level 3 – $1.22
The chart depicts the bullish performance of NEXO over the previous month. However, this trend will continue to reach resistance level at $2.12 soon. On the contrary, if the trend reversed then NEXO might fall to $1.68 presenting a bearish signal.
Nexo (NEXO) Average Directional Index (ADX)
Let us now look at NEXO’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).
Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.
The above chart represents the ADX of FTM with the range at 12.58, so it indicates a weak trend.
The Nexo is one of the cryptos which is great for long-term investment. In addition, NEXO price prediction will be bearish or bullish, until the breakout direction is confirmed. But, it has a good chance of reaching $2.12 this year, if the pattern continues. However, this will only happen if many previous psychological barriers are broken.
Furthermore, with the advancements and upgrades on the NEXO ecosystem, the performance of NEXO would rise reaching $2.12 very soon. But, it might also reach $2.30 if the investors believe that NEXO is a good investment in 2021.
Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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