Home / Price Predictions / Nexo Price Prediction 2024: NEXO Price Analysis

Nexo Price Prediction 2024: NEXO Price Analysis

Last Updated July 4, 2024 1:42 PM
Giuseppe Ciccomascolo
Last Updated July 4, 2024 1:42 PM

Key Takeaways

  • NEXO has recently launched a $12 million airdrop to celebrate its sixth anniversary.
  • The airdrop will be running until July 6, 2024.
  • One NEXO price prediction says it can reach $4.69 next year.

To mark its sixth anniversary, Nexo has launched its most ambitious airdrop, worth around $12 million. This campaign invites participants to accumulate points on the Nexo platform by engaging in various activities such as topping up funds, earning interest, utilizing crypto-backed credit, and trading spot and futures. The airdrop started on May 8, 2024, and will be running until July 6, 2024.

Participants can use a range of point multipliers to boost their accumulation efforts. These include general boosts available to all users, a special 5x surge for newcomers, and additional multipliers based on Nexo Loyalty tier status.

Participants can pursue rewards until the final moments of the airdrop.

Nexo did not respond to a request for comment

But what is Nexo? How does Nexo (NEXO) work? Let’s take a look and see what we can find out, and also examine some of the Nexo price predictions that were being made as of July 4, 2024.

Nexo Price Prediction

Let’s examine some of the Nexo price predictions CCN.com made on July 4, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate.

Minimum NEXO Price Prediction Average NEXO Price Prediction Maximum NEXO Price Prediction
2024 $0.99 $2.27 $2.43
2025 $2.39 $2.76 $2.88
2030 $7.49 $7.85 $8.29

Nexo Price Prediction for 2024

If the positive momentum continues and NEXO breaks above its moving averages, it could reach targets between $0.99 and $2.43 by the end of 2024, with the average price set at $2.27.

Nexo Price Prediction for 2025

Technical analysis suggests a potential increase for Nexo in 2025. The minimum NEXO price expected for 2025 is $2.39 while the maximum one is $2.88. On the other hand, the average forecast suggests it may reach $2.76.

Nexo Price Prediction for 2030

Based on technical analysis, the NEXO token may reach a maximum level of $8.29 at the beginning of the next decade, while, in the worst scenario, it may go to $7.49. Meanwhile, the average expected price is $7.85.

Nexo Price Analysis

NEXO has broken the floor of its medium-term rising trend channel, indicating a slower initial rate of increase. The price has fallen below the rectangle pattern floor at 1.16. A decisive break at this level could signal a further drop to 0.92 or lower.

The currency has also marginally broken down through support at 1.17, suggesting a potential continued decline. The negative volume balance indicates aggressive selling and passive buying, weakening the currency.

Nexo price analysis
Nexo price analysis. | Credit: Giuseppe Fabio Ciccomascolo/InvestTech

The RSI is above 40 following recent price drops, signaling a neutral momentum and potential for price stabilization.

However, the falling RSI trend could be an early signal of a sustained price drop.

Short Term Nexo Price Prediction

The Nexo price prediction for the next 24 hours shows the price to rise by 13%, then accelerating in the rest of the month to reach $1.313534 by August 3, 2024. Technical indicators show a Bearish sentiment, with the Fear & Greed Index at 44 (Fear).

Over the past 30 days, Nexo has had 13 out of 30 (43%) green days and a price volatility of 8.34%. Based on this forecast, it is currently not a good time to buy Nexo.

Nexo Fear & Greed Index

Fear and greed indicator
Fear and greed indicator. l Source: BitDegree

The Fear & Greed Index measures the market sentiment on a scale from 0 (Extreme Fear) to 100 (Extreme Greed). It aggregates factors such as volatility, market momentum/volume, social media activity, dominance, and trends to provide a sentiment overview. Extreme fear can suggest investors are overly worried, potentially presenting a buying opportunity, whereas extreme greed indicates excessive bullishness, often signaling an imminent market correction. On July 4, 2024, the Fear & Greed Index Measured 44, suggesting it’s in a fear zone, while the indicator for the wider crypto world is at 50, reflecting a Neutral view.

Nexo Relative Strength Index (RSI)

Nexo RSI
Nexo RSI. l Source: Giuseppe Fabio Ciccomascolo/TradingView

The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above and below the 50 line also indicate if the trend is bullish or bearish. On July 4, 2024, the Nexo RSI was at 45.1, indicating a bearish sentiment and leaving it somewhat oversold.

Advantages and Disadvantages of Nexo

CCN.com‘s Senior Research Analyst Toghrul Aliyev took a deep dive into Nexo and found the following advantages and disadvantages.

Advantages of Nexo

  • Global Regulatory Footprint : Nexo’s registration with the Australian Securities and Investment Commission and other regulatory bodies across various jurisdictions enhances its credibility and ensures transparency
  • Survivor of the “Lending Crash” of 2022: In the “Lending Crash” of 2022, when major crypto lending platforms like Celsius, Voyager, Genesis, and BlockFi filed for Chapter 11 bankruptcy, Nexo survived. This shows Nexo’s strong risk management and operational stability.
  • Exceptional Customer Support: Nexo provides top-notch customer support and quickly responds to user inquiries.
  • Wide Range of Supported Coins: Nexo supports 30+ cryptocurrencies.
  • User-Friendly Interface: Nexo’s app features a great user interface and makes it easy for users to navigate and manage their assets efficiently.
  • High Lending APY: Nexo offers one of the highest APYs in the industry on various tokens.
  • Flexible Borrowing Options: Nexo allows users to lock up cryptocurrencies as collateral for fiat currency or stablecoins. Funds can be sent directly to a bank account or added to a debit card, with limits adjusting based on market value. Furthermore, Gold or Platinum members with a loan-to-value ratio under 20% can borrow at rates as low as 0%. And lastly, Nexo offers borrowing with no credit checks, no origination fees, and quick access to funds.
  • Comprehensive Platform: Nexo allows users to buy, earn, borrow, use the Nexo Card, and exchange cryptocurrencies all in one platform

Disadvantages of Nexo

  • Absence of Major Market Registrations: Despite various registrations, Nexo lacks approvals from key regulatory bodies in Europe, the UK, and the USA. While Nexo operates in the UK, it does not onboard new users there. Moreover, despite holding a California Department of Financial Protection and Innovation Financing Law License, Nexo has completely exited the USA.
  • Token-Based Interest Risk: Crypto lending companies with a token, including Nexo, often sell tokens to pay extra interest. Users must constantly monitor the price of Nexo’s token and their interest rates, even if they don’t own any tokens. If the token’s price declines and interest rates remain unchanged, it indicates a potential revenue shortfall for the company. Users should consider withdrawing their funds in such a scenario.
  • Lack of Public Listing Transparency: As a token lending firm not publicly listed on any stock exchange, Nexo has no legal requirement to report its financial health, as well as the transparency and legal penalties that come with public listings.
  • Inconsistent Proof of Reserves: After the FTX collapse, Nexo began providing real-time attestations for transparency. However, they discontinued this service due to external issues and have not resumed it since early 2023. Despite more than a year passing, Nexo has not reinstated real-time attestations or offered proof of reserves, raising concerns that the initial move was a short-term response to calm users, which they removed once the situation stabilized.
  • Lack of Transparent Office Location: Nexo does not publicly disclose its headquarters or office locations. Their address is notably difficult to find, and users must contact Nexo support to obtain it, which raises concerns about transparency and trustworthiness.
  • Data Security Concerns: Operating in jurisdictions with less stringent licensing requirements means Nexo’s system may not follow strict data storage regulations. This lack of adherence to high security standards could increase vulnerability to system-wide hacks, potentially compromising user data and assets.

 

Nexo Price Performance Comparisons

Current Price One Month Ago Price Change
Nexo $1.11 $1.4308 -23%
Tezos $0.7408 $0.9252 -20%
Neo $10.54 $14.7232 -29%
Basic Attention Token $0.1791 $0.2378 -25%

Nexo Price History

Following that, let’s now take a look at some of the key dates in the Nexo price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a Nexo price prediction.

Nexo price history
Nexo price in 2023 and 2024. | Credit: CoinMarketCap

 

Time period Nexo price
Last week (June 27, 2024) $1.1676
Last month (June 4, 2024) $1.4308
Three months ago (April 4, 2024) $1.3205
Launch price (May 2, 2018) $0.1847
All-time high (May 15, 2021) $3.8986
All-time low (September 18, 2018) $0.04798

Nexo Market Cap

Nexo market cap history
Nexo market cap in 2023 and 2024. | Credit: CoinMarketCap

The market capitalization, or market cap, is the sum of the total number of WLD in circulation multiplied by its price. On July 4, 2024, Nexo’s market cap was $617.3 million, making it the 94th-largest crypto by that metric. 

Who Owns the Most Nexo (NEXO) Tokens?

On July 4, 2024, one wallet held 22.22% of NEXO’ supply.

Richest NEXO Wallet Addresses

As of July 4, 2024, the five wallets with the most Nexo  tokens were

  • 0x8fd589aa8bfa402156a6d1ad323fec0ecee50d9d. This wallet held 222,169,283 NEXO, or 22.22% of the supply.
  • 0x1111111111111111111111111111111111111111. This wallet held 208,333,332 NEXO, or 20.83% of the supply.
  • 0x1c433cbf4777e1f0dce0374d79aaa8ecdc76b497. This wallet held 114,800,950 NEXO, or 11.48% of the supply.
  • 0x9099ffbbe0f127741d58760fbaf644def3cccd07. This wallet held 100,000,000 NEXO, or 10.00% of the supply.
  • 0x2222222222222222222222222222222222222222. This wallet held 98,437,500 NEXO, or 9.84% of the supply.

Nexo Supply and Distribution

Supply and Distribution Figures
Total supply 1,000,000,000
Circulating supply (as of July 4 2024) 560,000,011 (56% of total supply)
Holder distribution Top 10 holders owned 92% of supply, as of May 9, 2024

From the Nexo Whitepaper

In its technical documentation, or whitepaper , Nexo claims to be a pioneer of quick crypto lending. It says: “Nexo delivers the World’s First Instant Crypto-backed Loans, thus resolving a crucial inefficiency for the crypto world. Up to this very moment, no alternatives existed for digital asset owners to enjoy their crypto wealth except selling them. 

“The innovative model of Nexo brings to the crypto community the best of both worlds – retaining 100% ownership of their digital assets while having immediate access to cash. The Instant Cryptobacked Loans are an automatic, flexible and cost-efficient way of obtaining liquidity that is secured by the value of the client’s digital assets. The whole process is completed in just a few simple clicks.”

Nexo (NEXO) Explained

One of the most important parts of the overall crypto world is decentralized finance (DeFi). The idea that people should be able to get access to financial services without having to rely on traditional, centralized, banks is key to the whole concept of blockchain-based finance. 

Nexo  is a DeFi platform, founded by former Bulgarian member of parliament Antoni Trenchev in 2018. People can deposit cryptocurrencies as collateral and, in return, receive a loan in either stablecoins or fiat currency. 

The NEXO crypto token supports the Nexo platform.

How Nexo Works

If someone deposits crypto in their Nexo wallet, they can be paid interest in NEXO. If they choose to receive the system’s native token, they can get a higher rate of interest. NEXO holders can withdraw their money from the platform without incurring a charge. Also, holders can earn dividends from the company’s profits.

People can also buy, sell, and trade NEXO on exchanges. 

Because NEXO is based on the Ethereum (ETH) blockchain it is, technically speaking, a token, rather than a coin. You might see references to such things as a Nexo coin price prediction, but these are wrong. 

Is Nexo a Good Investment?

It is hard to say. On one hand, Nexo no longer has money laundering charges hovering over it. On the other hand, the SEC still says it is an unregistered security. It remains to be seen whether the crypto can emerge from the other side of regulation intact.

There is also some question as to how it can fit in the ever-growing DeFi space. As always with cryptocurrency, you will need to do your own research. 

Will Nexo go up or down?

No one can really say for sure right now. While the price forecasts are largely optimistic, price predictions are very often wrong. You should also remember that prices can, and do, go down as well as up. 

Should I invest in Nexo?

Before you decide whether or not to invest in Nexo, you will have to do your own research, not only on NEXO but on other, similar coins and tokens, such as KAVA and AAVE

This is, ultimately, a decision you will have to make for yourself. Just make absolutely sure that you never invest more money than you can afford to lose.

FAQs 

How many NEXO are there?

As of July 4, 2024, there were 560.0 million NEXO in circulation, out of a total supply of one billion.

Will Nexo reach $10?

It could do but, if it does, it won’t do it for some time. Price predictions based on technical analysis expect it to reach a double-figure level in the next decade.

What is NEXO used for?

NEXO holders can receive higher rates of interest from the Nexo crypto lending platform. They can also receive dividends from Nexo’s profits. People can also buy, sell, and trade NEXO on crypto exchanges. 

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.