The cryptocurrency market is advancing this Wednesday; Bitcoin’s price went above $35000 resistance and reached a new all-time high. NEXO has increased from $0.30 above $0.80 in less than several weeks, and the current price stands around $0.62.
Fundamental analysis: Nexo allows the liquidation of digital assets
Nexo is a platform for instant crypto loans on which users can deposit supported crypto tokens into their Nexo wallet. This platform was launched in April 2018, and the NEXO token is used as a source of discounts and other benefits for the platform’s users.
In other words, Nexo allows its users to hold onto their crypto assets while securing access to “live” cash, which can be denominated in fiat currencies. Nexo supports more than 20 cryptocurrencies (Bitcoin, Monero, Ripple, Ethereum..), while the payments are supported for EUR, USD, BTC, ETH, and NEXO tokens.
According to analysts, Nexo has a bright future because it allows the liquidation of digital assets without the need to pay additional transaction, withdrawal, or platform fees.
This is a very ambitious project, and it is important to say that Nexo enjoys support from a fintech group Credissimo with millions of customers. Credissimo operates under several European banking authorities’ supervision, which approves that investors should not be worried about the security and legit of this project.
The provided loans are secured by the Nexo platform’s blockchain technology, while the Credissimo team guarantees their backing.
“We see a future for the financial world where all assets are tokenized on-chain, and people have efficient ways to transfer or manage their funds. At Nexo, we always look ahead, which is why we’ve designed our products to be seamless, secure, and instant — the banking services of tomorrow,” said Antoni Trenchev, Co-Founder & Managing Partner.
NEXO tokens are traded as restricted securities while also grants a client the right to receive a higher loan limit and a 30-percent Nexo profit-share payment. Dividends are paid every month in ETH and distributed proportionately to all NEXO token holders in return for their ongoing support.
Technical analysis: The current trend remains bullish
The current trend of this cryptocurrency remains bullish, and for now, there is no signal of the trend reversal. If the price jumps above $0.70, it would be a signal to buy NEXO, and the next price target could be around $0.80.
On the other side, if the price falls below $0.50, it would be a firm “sell” signal and possibly a trend reversal sign.
All major cryptocurrencies are advancing this Wednesday, and this situation also supports the price of NEXO. Nexo is a platform for instant crypto loans, and according to analysts, this project has a bright future. The current trend of this cryptocurrency remains bullish, but if the price falls below $0.50, it would be a firm “sell” signal and possibly a trend reversal sign.