Nexo Gains 7.85% Following US Market Reentry Announcement
Nexo's token, NEXO, increased by 7.85% in the last 24 hours, totaling a 17% rise over the week. It currently trades at $1.21, below its daily peak of $1.25. Despite this uptick, NEXO is 73.86% lower than its all-time high of $4.63 from three years ago.
The recent price surge coincides with Nexo's announcement of reentering the US market, offering services to both retail and institutional clients. Key offerings include:
- High-yield crypto savings accounts
- Asset-backed credit lines
- Advanced trading options
- Liquidity solutions for institutions
Market Reentry Following Regulatory Challenges
Nexo's comeback follows nearly two years of absence due to regulatory issues, including a $45 million settlement with the SEC and a cease and desist order from California regarding its interest-earning services. The firm ceased these services for US customers and reduced operations after these encounters.
The return was highlighted by Donald Trump Jr., who emphasized the potential of cryptocurrency and the need for regulatory clarity.
NEXO Price Analysis
The MACD indicator shows a bullish crossover, indicating upward momentum. The RSI is at 68.14, approaching overbought territory, suggesting potential selling pressure soon. Immediate support is near $1.12, while resistance is around $1.24–$1.25.
NEXO Daily Chart | Source: TradingView