Nexo Price Update
At the time of this writing, Nexo has a price of $0.122 USD, which puts it up by approximately 3.3% from yesterday. The past 24 hours mark a reversal in price from the day prior; it should be noted, though, that price is still in an up trend, and is currently 11.82% above its 20 day moving average. Staying above this level may be critical to sustain short-term momentum. Another data point we may find worthy of observation is that price for Nexo has increased 3 of the previous 5 days. As for the volume underlying yesterday’s move, note that the price change occurred on volume that was approximately 27.21% greater than its 7 day average volume.
Traders looking for a range to trade within may wish to note that the Bollinger bands (a price indicator based on recent momentum and volatility) for Nexo imply the currency may oscillate between $0.096216 and $0.122, based on how price has behaved in the two weeks prior. Price’s current proximity to the top of the range may make shorting an attractive opportunity to traders interested in trading the range.
As for Nexo’s market cap, it is currently at about $68M US dollars.
Straight Off the Chain
Yesterday saw 154 transfers amongst holders of Nexo. As for the number of holders, yesterday saw the number of wallets holding Nexo rise by 36. To understand loyalty or repeat usage amongst holders of Nexo, we can note that there were 81 wallets making a transaction yesterday, while 1,485 wallets have sent or received tokens in the past month; this imputes a daily active wallet to monthly active wallet ratio of about 0.05.
How are the Strong Holders of Nexo Faring?
As for wealth distribution, the richest 1,000 wallets currently own 109.59% of the money supply. This number is greater than 100% because many of the token holders are not able to sell them yet, and thus their numbers are not included in the supply yet, though they can be regarded as future sellers when they are able to sell. If we focus on exchanges, which may be an correlated with liquidity and greater confidence in the currency, the exchange wallets that are in the top 1,000 wallets own 3.98% of the currency’s total money supply. The week over week growth rate in the share of the total supply of the top 1,000 wallets has changed by -0.05%; as for the share of the total supply owned by exchange wallets within the top 1,000 wallets, that has changed by 0.16%. As for the Nexo’s smart contract itself, that owns 0.02% of the total money supply, an amount unchanged from the week prior.
Nexo’s Social Media Presence
Social media growth, in terms of Reddit subscribers, came in at up 1 over the past day for Nexo. Traders interested in following Nexo has the biggest presence on Twitter, where it has 48,747 users engaged. Here is the Twitter page for Nexo.
Article by SixJupiter
