The price of NEXO has risen dramatically in the last 24 hours after the token was listed on Binance, one of the world’s top exchanges.
The native token from Nexo, a blockchain-based lending platform that provides users instant access to cryptocurrency-backed loans, reached a high of £2.90, just 13% behind its February high. Following Binance’s listing going live earlier today, NEXO soared by roughly 60% in just a few hours. The token has since fallen to roughly £1.86, with a 6% surge still intact in the last 24 hours. The market capitalisation of the crypto asset is £1.4 billion.
Nexo received a favourable boost from the recent Mastercard partnership announcement, according to Pablo Jódar, financial products manager at Storm Partners, a systems supplier for the cryptocurrency market in Europe. The credit processing network has launched a crypto-backed payments card solution that allows customers to spend without having to sell their crypto assets and gives them 2% cash back on transactions.
“This partnership puts Nexo a step closer to becoming a crypto bank to help retail clients access the digital space,” Jódar said.
NEXO’s has risen for three days in a row, according to the daily chart. It then made a big move higher on Friday, breaking through the 25-day and 50-day moving averages. The token has also fallen below the 50% Fibonacci retracement level, while the Stochastic oscillator has approached overbought territory.
As a result, the price is likely to continue climbing in the near term as investors eye the resistance level of £2.24. The bullish view will be invalidated if the price falls below the support level of £1.83.
Cryptocurrencies having a market capitalisation of more than £0.80 billion traded largely lower on Friday. Ether (ETH) was down 1.2%, bitcoin was down 1%, and Cardano’s ADA was down 1%.