March 28, 2020: Nexo (NEXO): Down 1.15%; 2nd Consecutive Down Day

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Nexo Price Update

At the time of this writing, Nexo has a price of $0.1036 USD, which puts it down by approximately 1.15% from yesterday. Nexo is currently in an up, and it should be noted that this is now the the 2nd straight day that price has been down. Moreover, Nexo is now 2.96% below its 20 day moving average. Another data point we may find worthy of observation is that price for Nexo has increased 4 of the previous 10 days. And in terms of volume, yesterday’s price move ocurred on volume that was 27.53% less 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 $0.088964 and $0.124558, based on how price has behaved in the two weeks prior. Price’s current proximity to the bottom of the range may make buying an attractive opportunity to traders interested in trading the range.

The currency’s market cap currently stands at $58 million US dollars.

Daily Engagement Metrics Update

Over the past 24 hours, NA transfers have been added to the blockchain recording transactions amongst holders of Nexo. As for the number of holders, yesterday saw the number of wallets holding Nexo NA by NA. To further our understanding of engagement we can observe the ratio of daily active users to monthly active users; that ratio now stands at 0.04, with 69 wallets making a transfer this past day and 1,643 wallets having made a transfer in the past month.

How are the Strong Holders of Nexo Faring?

And in regards to wealth distribution, note that the top 1,000 Nexo wallets hold over 109.68% of the token’s total money supply. To further clarify, our supply metric focuses only on supply that is publicly available while many large holders may have tokens they are not able to sell yet — which is why this value can exceed 100%. 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 3.91% of the currency’s total money supply. Exchange ownership grew by 0.08% over the past week, while the overall ownership percentage of the top 1,000 richest wallets grew by -0.07% over that time period. The underlying smart contract itself for Nexo owns 0.02% of the total money supply; over the past week, this amount has not changed.

The Latest on Nexo and Social Media

Social media growth, in terms of Reddit subscribers, came in at up 4 over the past day for Nexo. Twitter appears to be the most popular place to follow the company, and thus may be worth monitoring. Use this link to follow Nexo on Twitter.

Article by SixJupiter

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