NEXO is the best performing cryptocurrency among the top 100 coins and tokens in the last 24 hours.
Nexo, the native token of the Nexo platform, is today the best performer among the top 100 cryptocurrencies by market cap. The coin has increased its value by over 18% to date, outperforming the broader crypto market.
NEXO’s rally comes as the broader market is slowly recovering from its recent downturn. The broader crypto market has increased its value by over 2% in the last 24 hours, with the total crypto market cap still above $1 trillion.
Bitcoin has maintained its price above the $21k resistance and is up less than 1% to date. Ether is eyeing a resistance point of $1,700 after gaining more than 2% in its value over the past 24 hours.
NEXO’s ongoing rally comes after the team revealed its plans for an upcoming Ethereum merge.
📣 Nexo's Approach to the Merge 📣
— Nexo (@Nexo) August 23, 2022
1️⃣ We fully support #Ethereum’s new PoS era.
2️⃣ In the event of PoW forks, we will evaluate the logistics and support for distribution. If the network is healthy and has significant user value, we'd send the forked tokens into your accounts.
The team said that it supports Proof of Stake (PoS) migration to Ethereum. However, in the event of a Proof-of-Work (PoW) fork, Nexo will evaluate logistics and support for distribution. If the network is healthy and has significant user value, Nexo will send forked tokens to its users’ accounts.
prime level to watch
NEXO/USD 4 hour chart is bullish as NEXO has been outperforming over the past 24 hours.
The MACD line has been above the neutral zone since August 5 and remains there, indicating a strong bullish trend for Nexo.
The 14-day Relative Strength Index of 64 shows that NEXO is slowly moving into overbought territory. As of press time, NEXO is trading at $0.99937 per coin.
If the bullish momentum continues, NEXO may rally above the first major resistance at $1.172 in the next few hours or days.
However, it will require the support of the broader crypto market to reach the psychological level of $1.40 for the first time since May.