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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Riding The Crypto Wave: NEXO Moves Up As Market Booms

Christian Encila
Christian Encila
2 years ago
3 mins read
NEXO

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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NEXO has been seeing bullishness in the markets as positive macroeconomics boosts the broader financial market. According to CoinGecko, the token is up nearly 6% in the past 24 hours, and currently trading at $0.7072.

The price action can be attributed to the bullish sentiment surrounding the crypto market. 

CoinMarketCap reveals that the total market cap of crypto increased by over 2% in the past day. As the crypto market continues to experience a strong bullish sentiment, NEXO might be in line for a bigger upside in the coming weeks. 

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Positive Macros Boost Bullish Sentiment

Yesterday was important for the broader financial market. Recent news says that the consumer price index– the measure of how expensive certain goods are– has gone down year-on-year. From 6% back in February to just 5% this March, the lowest ever since 2021. 

This lower inflation was caused by the US Federal Reserve’s aggressive policy. At the time of writing, the current interest rate stands at 5%. Although the current development is considered a step in the right direction, the fear of a recession still plagues the financial market. 

DOW futures climbed, but the fear of a recession limited further gains. However, this sentiment was not reflected in the crypto market. Bitcoin and Ethereum, two of the biggest crypto assets, both edged psychological highs, further propping the entire crypto market for higher highs. 

With other cryptocurrencies following Bitcoin and Ethereum closely, NEXO’s current price action might continue if the market maintains its momentum in the long run.  

NEXO Bulls Expected To Target This Level

At its current price point, investors and traders should continually target $0.8950. The token has a negative correlation with Bitcoin, but the sentiment surrounding the king coin affects the price action of NEXO. 

Investors and traders should then monitor the macroeconomic situation as it would affect the broader crypto market, thus affecting NEXO as well. Targeting $0.8130, in the short term, would give the bulls reliable support for a drive toward $0.8950. 

NEXO/USD trading at $0.70 on the 1-Day chart on TradingView.com

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However, the current momentum of the NEXO market favors the bulls in the short to long term. The price action suggests that long positions outnumber short sellers by a small margin. Despite this, investors should be aware of a potential downside. 

If the bears gain control of the market, the token might fall back to $0.5480. Defending the current support at $0.6470 would deter any bearish momentum to continue the current price action. 

-Featured image from Binance Academy

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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