- Nexo token price went parabolic on Monday.
- The developers will launch the iOS version of the pro app soon.
Nexo price went vertical on Monday as cryptocurrencies continued their comeback. It rose to a high of $0.7600, the highest level since February 23. In all, the NEXO token has soared by more than 30% from the lowest point this year.
The last crypto lender standing
Nexo is a leading player in the blockchain industry with over 5 million customers internationally. The company provides its services to clients from around the world. Its services include crypto lending, crypto exchange, crypto debit card, and a crypto wallet.
Nexo, like other companies in the industry, went through a major challenge in 2022 as cryptocurrencies crashed. Most importantly, the company struggled as other crypto lenders in the industry collapsed. Some of the most notable companies that went out of business were Celsius and BlockFi.
When Celsius crashed, I wrote an article wondering whether Nexo would survive. It did. The company also survived the collapse of FTX in November last year.
Nexo, which describes itself as the last centralised crypto lender standing, has had some challenges in the past few months. For example, the company settled with American regulators and was ordered to stop offering its services. It paid $45 million in these settlements.
Most recently, some of the company’s executives were sued by Bulgarian authorities for aiding terrorism financing and facilitating money laundering. They accuse the company facilitated transactions worth over $94 million to criminals. Nexo has denied these claims vehemently.
Nexo price jumped on Monday as cryptocurrency prices bounced back. Bitcoin rose to a high of $28,000 while the total market cap of all coins rose to over $1.12 billion. This is a sign that Nexo’s business will do well if the industry maintains its momentum.
Further, the coin rose after the developers hinted that they will soon launch an iOS version of the pro application.
Nexo price prediction
The 4H chart shows that the Nexo crypto price went parabolic and then erased some of those gains. As it rose, it moved above the key resistance point at $0.6927, the highest point on March 14. It has moved above all moving averages and the Ichimoku cloud.
I suspect that the Nexo token will consolidate in the coming days and then have a bullish breakout to the intraday high of $0.7595. A move below the support at $0.60 will invalidate the bullish view.
