Nexo price jumped to the best degree since June because the bullish momentum accelerated. The coin rose to a excessive of $1.2133, which was about 120% above the bottom degree in August. As a end result, its whole market cap jumped to over $620 million.
Nexo buyback
Nexo is a main fintech firm that gives a full suite of options to each retail and institutional clients.
Its major product is one which makes it doable for folks to borrow collateralized funds utilizing its platform. For instance, a Bitcoin holder can take a mortgage in the type of fiat currencies like euro and US greenback.
In addition, the corporate has an funding function that lets folks make cash by simply depositing their cryptocurrencies like AVAX and SOL.
Nexo additionally has instruments that allow folks to buy and retailer cryptocurrencies like BTC and ETH. It additionally has a product that lets folks spend cash utilizing their Visa-linked card.
Therefore, Nexo was just lately in the highlight due to the similarity of its merchandise to these of Celsius. Celsius is a firm that just lately went bankrupt. As a end result, there have been fears of contagion, which may have affected Nexo.
Nexo price rallied after the corporate introduced that it will allocate a additional $50 million in the corporate’s buyback program. As a end result, the corporate will periodically buy again the NEXO tokens. The aim is to cut back the excellent token in circulation and enhance confidence amongst buyers. In a assertion, the corporate’s founder stated:
“The allocation of an additional $50 million to our buyback plan is a result of our solid liquidity position and Nexo’s ability and readiness to spur on its own products, token, and community, alongside its outward-facing initiatives of injecting liquidity into the industry.”
NEXO price prediction
The four-hour chart reveals that the NEXO token made a sturdy comeback in July. It then continued its recovery in August and soared to the best level since June. The coin moved above the 25-day and 50-day shifting averages. It can be barely beneath the 23.6% Fibonacci Retracement degree.
Therefore, it looks as if the coin has momentum as we transfer into September. As a end result, there’s a chance that it will rise to the 50% retracement degree at $2.15. A drop beneath the help at $0.9 will invalidate the bullish view.
