Key Takeaways:
- Lending protocol NEXO's namesake native token jumped 70% on Apr 29.
- The uptrend took cues from NEXO's Binance listing news.
NEW DELHI (CoinChapter.com) — Blockchain-based lending platform NEXO’s prices spiked by more than 70% between intraday low ($2.104) and high ($3.586) on Apr 29.
The token’s price action reacted to news of its listing on the world’s largest cryptocurrency exchange, Binance. The exchange also listed MobileCoin’s MOB token. As per Binance’s announcement, the exchange began accepting NEXO deposits on Apr 29.
However, withdrawals will begin on Apr 30. Binance has listed the token pairings with BTC, BUSD, and USDT on its platform.
Nexo, a crypto lending platform that offers credit cards and loans to users, welcomed the announcement. As a result, its native token enjoyed a brief rally before sell-offs pared the day’s gains. However, the Binance listing is not the only bullish tailwind on the token’s sails.
Nexo Partners With Mastercard And DiPocket
Nexo partnered with payments giant Mastercard to launch a Mastercard-backed crypto card, dubbed the Nexo Card, in select markets in Europe. DiPocket would act as the card issuer for European markets.
Also Read: STEPN (GMT) falls 16% in two days after charting new ATH.
In detail, the card would offer a crypto-backed credit line, which would help users use their crypto assets as collateral. As a result, cardholders would not have to sell their cryptocurrencies to use them in real life.
In the announcement, Nexo’s co-founder Antoni Trenchev stated the launch of the card represents a new local represented a new milestone for the project. As per a statement from the company, the card will require no minimum repayments, monthly, or inactivity fees.
There are also no FX fees for up to $21,600 per month. In addition, the Nexo card also has a crypto cashback feature, which pays back in either Bitcoin or NEXO tokens.
Price Charts
NEXO prices jumped to $3.586 before bears moved to book profits, paring gains. The token fell below resistance near its 200-day moving average (green wave) at $2.33. If NEXO decides to continue its uptrend, the token needs to flip immediate resistance before challenging resistance near $2.51.
Meanwhile, momentum oscillator MACD is bullish for the token on the short-term chart. Negative bars on the MACD histogram are contracting, indicating the MACD line (difference of 12-4H and 26-4H EMA) might move above the MACD signal line (9-4H EMA of MACD).
Also Read: Ripple addresses move large chunks of XRP as the token price drops 15% in a week.
The MACD line moving above its signal line forms a bullish crossover pattern, which traders often consider a buy signal.
Conversely, if bears continue their sell-off, NEXO prices would likely fall to support from its 100-day MA (purple wave) near $2.18. Moreover, a market-wide sell-off might push the token to test support near $2.07 before prices recover.
At the time of writing, NEXO was trading at $2.319, up 5.4% on the day.
