- The AllianceBlock token has jumped in the past few days.
- The NXRA token moved to the Arbitrum network on Monday.
- AllianceBlock has become a key player in the tokenization industry.
AllianceBlock’s NXRA token price has done well in the past few days as investors react to several important ecosystem news. NXRA jumped to the important resistance level at $0.07 on Monday, the highest point since August 6th.
Why is AllianceBlock’s token rising?
There are two main reasons why Nexera token roared back. First, it jumped after the developers announced that the NXRA token had moved to the Arbitrum network. Arbitrum is one of the fastest-growing layer-2 network that aims to supercharge the Ethereum network. It has superior speeds and extremely low transaction costs.
As part of this news, the developers unveiled the NXRA/USDT trading pair in their Nexera exchange. Cryptocurrencies tend to rise after being listed in an exchange, as we recently saw with Loom Network, which surged by over 500% after being added to Gate.io’s network.
AllianceBlock’s token has also jumped because of the rising demand for tokenization technology. Real World Assets (RWA) tokenization is a technology that tokenizes assets and makes them available in the digital space. Analysts believe that the industry will be one of the best use cases of the blockchain technology.
Many large companies are building products using the technology. For example, JPMorgan, the biggest American bank, implemented a tokenized transaction between Blackrock and Barclays. It aims to move billions of dollars every day using this technology.
Swift Network, which connects thousands of banks, is also exploring how to use tokenization to boost transaction speeds. Other companies like ANZ and London Stock Exchange (LSEG) are also building tokenized features.
AllianceBlock is one of the top blockchain platforms for tokenization. It provides all features that developers and companies need to build RWA tokenized assets. It has the infrastructure, liquidity, exchange, and compliance features.
NXRA price forecast
The 4H chart shows that the thinly traded NXRA token bottomed at $0.047 in September and has now been in an uptrend. It has jumped and crossed the important resistance level at $0.056, where it formed a double-top pattern in September and October 1st.
NXRA token has jumped above the 25-day and 50–day moving averages while the Relative Strength index (RSI) has drifted downwards. There are two likely scenarios going forward. First, the token could rebound and retest this week’s high of $0.068. This view will be confirmed if it rises above $0.065.
The alternative scenario is where it enters the distribution phase followed by markdown of the Wyckoff Method and then resumes the downtrend to retest the key support at $0.056.
