Schlagwort: crypto business

Nexo price went parabolic and then quickly erased most of the gains as cryptocurrency prices recovered. The token jumped to a high of $1.0541, which was the highest level since June 12th. This price was about 92% above the lowest level in June of this year.

Cryptocurrency prices rebound

Nexo is a leading blockchain company that offers a number of services. Its primary product is a platform that lets people borrow money that is backed with their cryptocurrencies. Nexo also offers an investing platform that lets people earn excellent returns by just depositing their coins. For example, you can earn an APY of over 10% by holding coins like Avalanche and Solana.

Further, Nexo has a card that lets people spend their coins without withdrawing their cryptocurrency holdings. In addition, Nexo operates an exchange where people can buy and sell cryptocurrencies like Bitcoin and Ethereum.

Learn more about the best crypto app.

Nexo is a large company that has over 4 million customers globally. In the past few years, the firm has handled cryptocurrencies worth over $80 billion. 

Nexo, like other companies in the industry, has come under intense pressure because of the ongoing crypto crash. The firm has been under more fire because its operations are similar to that of Celsius, a company that recently filed for bankruptcy. 

Nexo has defended its business by citing its strong balance sheet and the fact that it lends funds from its Earn Crypto product on a strictly overcollaterization basis. This means that it will do well even if many customers default. The company also spend money to acquire Vauld.

The Nexo price is rising as investors cheer the rebound of cryptocurrencies. This also explains why shares of companies like Coinbase and SoFi jumped sharply on Monday.

Nexo price prediction

The four-hour chart shows that the Nexo price went parabolic on Tuesday. As it rose, the coin managed to move above the descending trendline that is shown in blue. It also rose above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) rose above the overbought level.

The current price of $0.7357 is an important support level since it was the highest point on June 7th. While the pair has retreated, there is a likelihood that it will keep rising as investors buy the dip. If this happens, the next key level to watch will be at $1. 

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The cryptocurrency market has continued its positive performance this week as BTC and others rally higher.

The cryptocurrency market has performed well over the past few hours. The total cryptocurrency market cap remains above the $1 trillion mark as the broader market added more than 2% to its value in the last 24 hours.

Bitcoin maintains its price above the $22k resistance level and is up by more than 10% in the last seven days. Ether finally crossed the $1,500 psychological level after adding more than 5% to its value in the last 24 hours.

However, ETC, the native token of the Ethereum Classic blockchain, is the best performer amongst the top 50 cryptocurrencies by market cap. ETC is up by more than 19% in the last 24 hours, outperforming the broader cryptocurrency market in the process.

The rally is probably fueled by the upcoming Ethereum Merge. The merge event will see Ethereum completely migrate to a proof of stake protocol. The Ethereum developers could implement the Merge within September.

If that happens, miners on the Ethereum network could migrate to Ethereum Classic as ETC still uses a proof of work protocol. 

Key levels to watch

The ETC/USD 4-hour chart is bullish as Ethereum Classic has been performing excellently over the past few days. 

The MACD line crossed into the positive zone over the weekend and has maintained its place there, indicating bullish momentum.

The 14-day relative strength index of 88 shows that ETC is currently in the overbought region.

At press time, ETC is trading at $25. An extended rally over the next 24 hours could see ETC break past the $30 resistance level. However, it would need the support of the broader cryptocurrency market to reach $35 for the first time since April 2022. 

If the bears take control of the market, ETC could lose its support level at $21 over the next few hours. However, ETC should comfortably defend its position above the $17 support level in the short term. 

The post Why is Ethereum Classic up by nearly 20% in the last 24 hours? appeared first on CoinJournal.

• Uniswap’s native token UNI was added to the Robinhood brokerage trading platform.

• UNI has been bullish for the past month even as most cryptos crashed

• The cryptocurrency has met a minor resistance but could proceed to hit $8.38

Uniswap token UNI/USD has been strong lately. Since the second half of June, UNI has been surging, defying bearish crypto sentiment. In the final weeks of June, the platform overtook Ethereum on fees paid. That illustrates a growing demand for DeFi on the platform.

Again, on July 14, Robinhood announced that it added support for the Uniswap token. The cryptocurrency has been surging since then. The 17th-ranked cryptocurrency by market capitalization has already set a bottom price of $4.15. Investors should look to add positions in UNI on a slight drop as the reference bottom is now set. 

UNI rejected at $7.45, but investors could push it to $8.38

Source -TradingView

Technically, the MACD indicator is very bullish on the Uniswap token. UNI prices have been moving in a system of higher highs and higher lows for a month. The price has currently met a minor resistance at $7.45 and could retreat lower.

Nonetheless, we remain bullish on UNI. Our established resistance for the cryptocurrency is at $8.38. The price is yet to reach the target. Combined with the improved crypto sentiment, UNI will find another bullish push to clear $7.45. Investors should hold the token. For new buyers, consider buying after a potential retracement. The possible short-term support is at $5.6.

Concluding thoughts

Uniswap’s token UNI has met a minor resistance. We remain optimistic the cryptocurrency will reach the established resistance at $8.38. Investors should hold the token for higher profits. The current resistance could hold back the price, and we encourage buying on a retracement for new investors.

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