FUNDAMENTALS First of all if you don't know Nexo, do a quick research about them. It's a "crypto bank", offering loans for your crypto as collateral. So you don't need to sell Bitcoin if you need money for a car or bathroom renovation for example. Just deposit Bitcoin to Nexo and take a loan in fiat. When you repay your loan, you get ALL your Bitcoins back. Especially now that we are in bull run, you don't want to sell Bitcoin and miss on gains. Another service that Nexo offers is "Earn" on your crypto and fiat. Last week they also announced improved version of this Earn feature, they call it NEXONOMICS: nexo.io/blog/up-to-12-apy-with-earn-up-and-earn-in-nexo Holding NEXO tokens gives you big discount on loan interest rate and it also increases your APY (annual percentage yield) if you decide to use Earn feature. Nexo has better rates than competition and what is very nice, your funds are not locked. It's a flexible stake so you can withdraw them any time!
Price already increased a little bit after Nexonomics announcement last week, but check this (from the article I linked above): "The full scope of Nexonomics, including a variety of upcoming upgrades and functionalities, will be revealed progressively through December 2020."
TECHNICAL ANALYSIS Now let's move to some technical reasons why I expect a 47% increase at minimum! As you can see Nexo is about to break out of this pink/magenta descending trendline. If you want to trade this more conservatively, wait for stronger confirmation of breakout. However I already bought NEXO because I wanted better entry price. Furthermore, 20 and 50-Day EMA are about to form a bullish cross and this doesn't happen very often. However when it does, a big upward trend follows. Check the history yourself. About my target. My target is Golden Pocket (0.618 Fibonacci level) which is at 0.0000194. It could go higher as well.
Trade active
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Nexo didn't break out of the descending triangle when I posted this idea, but I had a strong intuition that it will break out very soon. Today it's looking strong at 1320 sats, hopefully the Daily candle also closes there. The target is at 1940 sats.
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Finally, bullish cross of 20 and 50 EMA is confirmed.
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NEXO looking very nice at 1630 sats. In dollars it reached $0.28 which is the highest price since May 2018.
Trade closed: target reached
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Target reached! Congratz to everyone who joined this trade. I already sold some NEXO, but I'm keeping the rest for higher targets. It looks like this run could continue till 0.00002500. We just need a retest of 0.00001940 and if it bounces there, this would be a confirmation that NEXO will go higher. This was (is) a great trade.
@LaminarM You got out too soon! We just now touched the resistance! I expect one more touch before a correction.
LaminarM
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@rassulophoto, my rule is Take profits. I don't regret. I had nice profit even at 30 cents. I still hold half of my NEXO bag so I didn't miss on this pump. I'm looking closely to sell the rest of it if the chart looks like topping out. Please post a comment here if you decide to sell :)
martzouzou
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what now ?
the price is in a structure in nexo/usd since 3 years, do you think this structure is broken to the upside ?
LaminarM
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@martzouzou, Yes I think it is but it's possible there will be a retest. Especially if Bitcoin dumps and I expect that. I'm selling half of my position to USDT now. NEXOBTX ultimate target is still 0.00001900 but I will try to buy more NEXO at lower price if Bitcoin drops.
crisdani100
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next weeks will be fun. lots of stuff coming
LaminarM
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@crisdani100, Are you talking about Nexo announcements or big volatility in Bitcoin?
When I posted this idea, I didn't expect Bitcoin to shoot up so quickly. I believe if Bitcoin was going sideways, Nexo would be much closer to my target. Bitcoin pumps are usually not good for altcoins. Considering all this, I think NEXO is performing very good because it's keeping up with Bitcoin. We just need a week or two of Bitcoin going sideways and Nexo will moon.
rassulophoto
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@LaminarM What are your thoughts now? I thought it broke out but it was a fake-out...do you think we go down more?