March 30, 2020: Nexo (NEXO): Up 4.37%; Price Crosses 20 Day Average


Nexo Price Update

At the time of this writing, Nexo has a price of $0.105 USD, which puts it up by approximately 4.37% from yesterday. Yesterday’s up day is a reversal of the day before it; in terms of trend, though, note that the current price is now 3.05% above its 20 day moving average, and is currently in an up trend over the past 14 days. From another vantage point, note that price has gone up 13 of the past 30 days. As for the volume underlying yesterday’s move, note that the price change occurred on volume that was approximately 37.95% less than its 7 day average volume.

As for Nexo’s expected trading range — as forecasted by the Bollinger bands indicator, which determines a range based on momentum and volatility over the past two weeks — is between $0.088779 and $0.115003. As we are closer to the top of that range, rangebound traders may wish to consider exploring shorting opportunities.

The market capitalization of Nexo, or the amount of US dollars it would take to buy up all the circulating coins, is currently estimated to be $59 million.

Daily Engagement Metrics Update

Over the past 24 hours, 144 transfers have been added to the blockchain recording transactions amongst holders of Nexo. In terms of estimating the number of holders, over the past day the total number of wallets holding Nexo has gone up by approximately 27. To understand loyalty or repeat usage amongst holders of Nexo, we can note that there were 57 wallets making a transaction yesterday, while 1,591 wallets have sent or received tokens in the past month; this imputes a daily active wallet to monthly active wallet ratio of about 0.04.

How are the Strong Holders of Nexo Faring?

In terms of wealth concentration, the richest 1,000 wallets own 109.66% of the coin’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 3.85% 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 -0.07%; as for the share of the total supply owned by exchange wallets within the top 1,000 wallets, that has changed by -0.01%. As for the Nexo’s smart contract itself, that owns 0.02% of the total money supply, an amount unchanged from the week prior.

What’s Going on Social Media?

In terms of social media presence, Nexo saw its Reddit subscribers go up by 2 over the past 24 hours. Twitter appears to be the most popular place to follow the company, and thus may be worth monitoring. You can follow Nexo on Twitter here.

Article by SixJupiter

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