After a blockbuster start to the year, Nexo’s (NEXO) price is trading near the record highs printed recently. Here, we take a look at where the coin may trade in the coming months.
What is Nexo?
The team that founded Credissimo, also created Nexo. The team behind the platform states Nexo is the most advanced platform for instant crypto loans and the only blockchain company to provide its services in 40+ fiat currencies and in more than 200 jurisdictions.
Nexo lets clients use their holdings as collateral, then withdraw cash. Instead of just buying and selling crypto, Nexo was created to provide clients with instant crypto loans. Nexo promises no hidden fees, no capital gains taxes, and no credit checks.
Like other cryptocurrencies, the platform uses blockchain technology, smart contracts, and algorithmic procedures, all of which are performed in its native Nexo Oracle module.
The client can request loans in either USD or EUR currency but first must transfer their crypto holdings to their Nexo wallet. The Nexo oracle will establish the loan after the transferred cryptos are confirmed by the blockchain.
Nexo says its users can access instant cash and be able to store the coin in any Ethereum compatible wallet.
How Nexo coin price has performed so far?
The Nexo price is up about 400% year-to-end (YTD). Like some other cryptocurrencies, Nexo has witnessed a sharp move higher in the price of its native token amid accelerating crypto adoption.
In a year where Tesla, Mastercard, Visa, PayPal, and others, embraced cryptocurrencies and their underlying blockchain technology, Next price has managed to ride the bullish wave and print record highs of $4.21 in May.
The last month, when the Nexo price closed in the red, was September. In February only, Nexo saw its price explode nearly 150%. This signals an extremely strong bullish run that helped the digital asset to take its market capitalization to over $2 billion.
From the technical analysis viewpoint, it’s quite…