Most altcoins are currently trading in the red zone after a sudden crypto market pullback that saw bitcoin go below $32K and ethereum retreated to $1900. NEXO has been affected by this downtrend, and just like the other altcoins, its prices have also retreated and resumed bears.
The token is trading at $1.50 at the time of writing after a 2.5% decline in 24 hours.
NEXO Price Analysis
The coin is currently trading at a red zone, which has led to sharp bears affecting prices. The token is currently trading below the $1.80 resistance level. For the token to rally beyond $1.80, it needs support from the entire market. However, with the current decline in market prices, it is unlikely that a price upswing will happen soon.
On the other hand, a price reduction in prices can also be witnessed further below the current levels. Here, the coin might retest $1.20 and even go below $1. If the sudden price comeback does not rectify any time soon, we might witness such a reduction in NEXO’s prices.
Nevertheless, if the token’s prices go below $1, the price drop might reach exhaustion, and this level might prepare the token for a bull rally.
Besides leaning on market support to gain an uptrend, the token also derives value from use cases of the NEXO platform. A few weeks back, NEXO integrated Cardano into its service offerings. Users of the NEXO platform can now buy ADA and receive cashback, earn interests and borrow against their assets.
NEXO has also supported other cryptocurrencies on the platform, including Polkadot (DOT). To increase its venture in crypto lending and borrowing, NEXO also made a strategic investment in Yield Inc., a Yield platform that enables fixed-rate lending and borrowing.
If the coin gains a stronger foothold in crypto lending and borrowing, the token’s value will also increase in response.
Where to Buy NEXO
Those who want to buy NEXO can do so from the following exchanges:
One of the leading cryptocurrency exchanges where one can buy NEXO tokens is eToro. eToro offers a wide range of cryptocurrencies and trading pairs. It also facilitates easy crypto trading through a copy-trading feature and low trading fees.
The other crypto exchange that also supports NEXO is Huobi. Huobi exchange is also one of the leading exchanges that support a wide range of cryptocurrencies and trading pairs. The exchange is also available in many countries.
Looking to buy or trade Crypto now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider
Credit: Source link
