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NEXO is the best-performing cryptocurrency among the many prime 100 cash and tokens within the final 24 hours.

NEXO, the native token of the Nexo platform, is the most effective performer amongst the highest 100 cryptocurrencies by market cap at the moment. The coin has added greater than 18% to its worth up to now at the moment, outperforming the broader crypto market.

NEXO’s rally comes because the broader market continues to slowly recuperate from its latest hunch. The broader crypto market has added greater than 2% to its worth during the last 24 hours, with the overall crypto market cap nonetheless above $1 trillion.

Bitcoin maintains its worth above the $21k resistance degree and is up by lower than 1% up to now at the moment. Ether is eyeing the $1,700 resistance level after including greater than 2% to its worth within the final 24 hours.

NEXO’s ongoing rally got here after the workforce revealed its plans for the upcoming Ethereum Merge.

The workforce mentioned it helps Ethereum’s Proof of Stake (PoS) migration. However, within the occasion of Proof of Work (PoW) forks, Nexo will consider the logistics and support for distribution. If the community is wholesome and has important person worth, Nexo will ship the forked tokens into its customers’ accounts.

Key ranges to look at

The NEXO/USD 4-hour chart is bullish as Nexo has been performing excellently during the last 24 hours.

The MACD line has been above the impartial zone since August fifth and continues to stay there, indicating robust bullish momentum for NEXO. 

The 14-day relative power index of 64 reveals that NEXO is slowly shifting into the overbought territory. At press time, NEXO is buying and selling at $0.99937 per coin.

If the bullish momentum continues, NEXO may rally previous the primary main resistance degree at $1.172 over the following few hours or days.

However, it will want the support of the broader crypto market to achieve the $1.40 psychological degree for the primary time since May.