NEXO Price Analysis May 2022

NEXO is a token of the platform Nexo. Its current price is around $2.52 by writing, with a low of $1.05, and has a market cap of 1.4 billion dollars.

What is NEXO?

NEXO is a blockchain-based lending platform that allows users to borrow fiat currency in exchange for providing a cryptocurrency as collateral. Users can give some of their cryptos and receive funds from us in either fiat or stable cash currency based on the value of what you’ve given us.

Nexo offers the first cryptocurrency-backed loans, and it wants to solve inefficiencies in the lending market. They use smart contracts on the blockchain and an oracle to do this. It distributes 30% of there profits to NEXO token holders in dividends. Nexo stores digital assets with BitGo, a custodian that stores tokens in cold wallets. They have $100 million in insurance to cover the losses if something goes wrong.

What is NEXO?

NEXO is the token of the Nexo platform, which is around $2.52 by the time of writing, with a low of $1.05. Its current ranking is #64 according to CoinMarketCap, with a market cap of 1.4 billion dollars.

NEXO reached a high of $4.63, with a low of $1.05. The NEXO Token is based on ERC-20 standards. It runs on Ethereum networks. Nexo’s native token, NEXO, entitles holders to benefits like discounts on loan interest and the opportunity to collect interest payments on deposited funds. Storing your assets in Nexo also entitles you to partial dividends.

NEXO Coin Market Analysis 

It has a max supply of 1,000,000,000 coins worth around $2.52 with a market volume of 250 million dollars, whereas the market capitalization is 1.4 billion dollars at writing. 

Price Prediction

On the 1D timeframe, the price action of $NEXOUSDT formed the Symmetrical Triangle Pattern where the price action bounced back from the Horizontal Support Level and broke out the resistance trendline. We need to wait for the retest level so we may confirm the breakout.

Nexo Price Analysis May 2022
NEXO Price Charts May 2022

For any time, on-demand analysis on $NEXO or any other coin can join our Telegram channel.

For on-demand analysis on any token or coin at any time, you can join our Telegram channel.

Closing Thoughts

Discipline and Patience are the most important components of a successful trade. According to the above analysis, the coins we just discussed about might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.

Disclaimer: Our analysis is for educational purposes.

Pratyaksh
Pratyaksh

Newsletter

Crypto News, NFTs and Market Updates

Can’t find what you’re looking for? Type below and hit enter!