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Nexo Price Prediction – Will NEXO Price Hit $5 Soon?

Nexo (NEXO) Price Prediction 2021 – Will Nexo Hit $5 Soon?
  • Bullish NEXO price prediction ranges from $1.75 to $4.
  • NEXO price might also reach $5 soon.
  • NEXO bearish market price prediction for 2021 is $1.07.

This Nexo (NEXO) Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our NEXO price analysis and prediction.

There are various cryptocurrencies that rose to a new all-time during this 2021 bull run. In contrast, some crypto assets also faced a price drop. As a result, many digital currency traders are worried about whether it is time to hold or sell their digital assets. This is also the same situation that crypto traders could experience in NEXO.

Nevertheless, the crypto market is consolidating lately, and many cryptocurrencies are losing their previous profits. Will NEXO experience the same price volatility? We’ll find out shortly in this NEXO price analysis 2021 article. But first, let’s have a look at what NEXO is.

What is Nexo (NEXO)?

Nexo is a blockchain-related lending firm that provides users instant crypto-related loans. Moreover, users deposit the tokens such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC) or XRP (XRP) as collateral to get a loan in the form of a fiat currency or stablecoin.

NEXO is the native token of Nexo blockchain that will be locked in the platform which offers users benefits like discounts on interest gathered on loans and the chance to get interest payments on the funds deposited. More so, the token holders will receive dividends from the profit of Nexo. Notably, the project was first announced in December 2017, and it was released in April 2018.

Nexo was founded by a group of finance professionals and crypto enthusiasts, who turned to blockchain to develop the crypto equivalent to a service well established in traditional finance. However, hitherto non-existent in digital finance— borrowing against the price of your assets while retaining ownership. In 2018, the team released the Nexo platform, offering the world’s first crypto credit lines that allow crypto holders to get fiat and stable coin loans over their cryptocurrency, and thus setting the foundations of the crypto lending niche.

In addition, the collective behind Nexo has a joined experience of more than 30 years in financial services, including non-crypto lending, investment banking, mergers and acquisitions, and hedge funds, with Co-founder and Managing Partner Antoni Trenchev added contributing with experience in Finance Law and in KYC and AML solutions.

Now that we are clear about NEXO do you think NEXO will be beneficial crypto in 2021? Join me and let us see the charts in this NEXO price analysis and NEXO price prediction.

Nexo Current Market Status

As of the time of writing this Nexo price analysis, NEXO trades at $1.47 with a 24-hour trading volume of $6,962,443. The price of NEXO has decreased by 0.83% in the last 24 hours.

Furthermore, NEXO has a current circulating supply of 560,000,011.00 NEXO. Currently, the top cryptocurrency exchanges for NEXO are Huobi Global, TOKENCAN, HitBTC, BiONE, and Pionex.

Now, let’s go to the next part of this NEXO technical analysis for 2021.

Nexo Price Analysis

Currently, NEXO holds 73rd place on CoinGecko. But will the latest upgrades, development, and changes in the NEXO blockchain help the cryptocurrency price to reach higher? Let’s proceed to the charts in this NEXO price prediction article.

NEXO/USDT chart showing Descending Scallop pattern
NEXO/USDT chart showing Descending Scallop pattern (Source: TradingView)

In the chart above, which is set in a daily time frame, we can see the Descending scallop pattern. This pattern is observed during a bearish rally and it is shaped like an inverted J, slightly tilted to the right. At the beginning of the pattern, the price surges. After the reversal, the price continues to drop, and the whole pattern looks like an inverted J.

There may be a breakout in any direction which indicates the possibility of trend reversal and trend continual. Moreover, breaking a higher high is considered an upward breakout, however, a breakout below the pattern’s low is treated as a downward breakout. A breakout is needed to confirm the pattern.

NEXO Relative Strength Index
NEXO Relative Strength Index (Source: TradingView)

The Relative Strength Index (RSI) is above 38, which means that NEXO is in a nearly oversold state. Keeping all this in mind, traders can be aware and move away from unexpected losses due to the crypto market’s wild swings.

Let us also look at the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of NEXO.

NEXO 30-day SMA and 50-day EM
NEXO 30-day SMA and 50-day EMA (Source: TradingView)

Since the start of 2021, NEXO’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by fluctuations, consolidation, and corrections right away. Taking this into consideration, NEXO has a competitive market this 2021.

Nexo Price Prediction

The chart below shows that NEXO has performed great over the past few days. Moreover, the NEXO price shows a bearish trend. If this trend continues, NEXO might run along with the bears, overtaking its $1.07 support level and drop lower.

NEXO USDT Price Chart
NEXO/USDT Price Chart (Source: TradingView)

Conversely, if the investors turn against the crypto, the bears might take over and push NEXO from its downtrend position. In simpler terms, the price of NEXO might increase to almost $4.15, a bullish signal.

Meanwhile, our long-term NEXO price prediction 2021 is bullish. It has a high possibility of surpassing its current all-time-high (ATH) at about $4.05 this year. However, that will only happen if it breaks many previous psychological resistances.

Conclusion

Nexo has a bright future ahead of it in 2021. With the ongoing developments happening within the NEXO ecosystem, as well as in the overall crypto market, we may see NEXO reach new heights. Bullish NEXO price prediction 2021 is $961. As said above, it may even reach $5 if investors have decided that Nexo is a good investment in 2021, along with mainstream cryptocurrencies like Bitcoin and Ethereum.

FAQ

How to Buy NEXO Tokens?

Users can obtain NEXO tokens by purchasing them from cryptocurrency exchanges such as Huobi Global, TOKENCAN, HitBTC, BiONE, and Pionex.

Will NEXO Surpass its Current ATH?

NEXO is a good investment in 2021. However, NEXO has a high possibility of surpassing its current ATH at about $4.05 this year.

Can NEXO reach $5 soon?

Yes, it’s very much possible that NEXO might reach $5 in the near future as per the current bullish trend.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.