Nexo is a decentralized lending platform that provides users with fast cryptocurrency-backed loans. Users can get a loan in the form of a fiat currency or stablecoin by depositing an accepted token, such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), or XRP (XRP).
Nexo is the first company to offer fast cryptocurrency-backed loans, with the goal of eliminating inefficiencies in the lending system. Its automated lending procedure manages loans using smart contracts and an oracle on the Ethereum blockchain. Individual and institutional investors, cryptocurrency companies, exchanges, miners, and others seeking liquidity from their assets will be interested in Nexo. Interest on loans generates revenue for the organization, which also provides institutional lending and consultancy services. Let us review the NEXO price
NEXO Price Prediction
Bullish Scenario: On April 30th, 2022, the price of NEXO increased by 40% when Binance, the world’s largest cryptocurrency exchange, confirmed its listing. However, the price of NEXO has been decreasing for several weeks, and the near term outlook is bearish. When NEXO retraces back to support levels of $1.8, it will show early signs of bullish momentum. If it manages to break over the resistance level at $2.02 after retracements, it will be bullish. With sufficient purchasing activity, breaking above the $2.12 price barrier will lead to a move towards $2.22 and higher.
Bearish Scenario: The price of NEXO has been falling since last month, breaking below the important support level of $2.02. The price is still under bearish pressure on a shorter time horizon. The price will drop to $1.7, $1.5, and even lower if the $1.8 support level holds.
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