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    HomeMarketNEXO rallies by 18% after declaring support for Ethereum Merge

    NEXO rallies by 18% after declaring support for Ethereum Merge


    NEXO is the best-performing cryptocurrency among the many prime 100 cash and tokens within the final 24 hours.

    NEXO, the native token of the Nexo platform, is the very best performer amongst the highest 100 cryptocurrencies by market cap at present. The coin has added greater than 18% to its worth to date at present, outperforming the broader crypto market.

    NEXO’s rally comes because the broader market continues to slowly get better from its current stoop. The broader crypto market has added greater than 2% to its worth over the past 24 hours, with the overall crypto market cap nonetheless above $1 trillion.

    Bitcoin maintains its worth above the $21k resistance degree and is up by lower than 1% to date at present. Ether is eyeing the $1,700 resistance level after including greater than 2% to its worth within the final 24 hours.

    NEXO’s ongoing rally got here after the group revealed its plans for the upcoming Ethereum Merge.  

    The group stated it helps Ethereum’s Proof of Stake (PoS) migration. Nevertheless, within the occasion of Proof of Work (PoW) forks, Nexo will consider the logistics and assist for distribution. If the community is wholesome and has vital person worth, Nexo will ship the forked tokens into its customers’ accounts.

    Key ranges to look at

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

    The MACD line has been above the impartial zone since August fifth and continues to stay there, indicating robust bullish momentum for NEXO. 

    The 14-day relative energy index of 64 reveals that NEXO is slowly transferring into the overbought territory. At press time, NEXO is buying and selling at $0.99937 per coin.

    If the bullish momentum continues, NEXO may rally previous the primary main resistance degree at $1.172 over the subsequent few hours or days.

    Nevertheless, it will want the assist of the broader crypto market to succeed in the $1.40 psychological degree for the primary time since Could.

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