NEXO is up by more than 18% on Wednesday: Here’s why

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 the best performer amongst the top 100 cryptocurrencies by market cap today. The coin has added more than 18% to its value so far today, outperforming the broader crypto market.

NEXO’s rally comes as the broader market continues to slowly recover from its recent slump. The broader crypto market has added more than 2% to its value over the last 24 hours, with the total crypto market cap still above $1 trillion.

Bitcoin maintains its price above the $21k resistance level and is up by less than 1% so far today. Ether is eyeing the $1,700 resistance point after adding more than 2% to its value in the last 24 hours.

NEXO’s ongoing rally came after the team revealed its plans for the upcoming Ethereum Merge.

The team said it supports Ethereum’s Proof of Stake (PoS) migration. However, in the event of Proof of Work (PoW) forks, Nexo will evaluate the logistics and support for distribution. If the network is healthy and has significant user value, Nexo will send the forked tokens into its users’ accounts.

Key levels to watch

The NEXO/USD 4-hour chart is bullish as Nexo has been performing excellently over the last 24 hours.

The MACD line has been above the neutral zone since August 5th and continues to remain there, indicating strong bullish momentum for NEXO. 

The 14-day relative strength index of 64 shows that NEXO is slowly moving into the overbought territory. At press time, NEXO is trading at $0.99937 per coin.

If the bullish momentum continues, NEXO could rally past the first major resistance level at $1.172 over the next few hours or days.

However, it would need the support of the broader crypto market to reach the $1.40 psychological level for the first time since May.

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