NEXO was up by nearly 50% on Friday, as markets reacted to the news that Binance was listing the token on its platform. Today’s surge sent NEXO to a multi-week high, while TRON also moved higher, hitting a one week peak.
Two weeks after announcing a partnership with Mastercard to launch the world’s first “crypto-backed” payment card, NEXO today achieved another milestone.
Binance confirmed that it will be adding the token to its platform, and this news was well received by markets.
NEXO/USD rose by nearly 50% during today’s session, hitting an intraday high of $3.66 in the process.
Friday’s surge comes less than 24-hours after prices were trading at $2.14, and as of writing are tracking at a record high.
This recent peak comes following a three day rally which began at support of $2.10, with two long-term resistance levels broken as a result of the bullish ascent.
The price of NEXO, which launched in December last year is now overbought, with the RSI tracking at 71.94, which is a record. Many will anticipate a reversal in upcoming sessions as a result.
TRON was also higher during today’s session, rising to a one week high, following three consecutive days of rallies.
As of writing this, /USD hit a peak of $0.06967 on Friday, which is its highest level since April 22.
This one week high sees break past its long-term resistance level of $0.06800, with some now targeting a higher ceiling of $0.07600.
Looking at the chart, a upwards crossover of the 10-day and 25-day moving averages has occurred, which typically signals a bullish trend.
However, for this trend to remain on course we will likely need to see a breakout of the current ceiling on the 14-day RSI.
This resistance is at 54, with relative strength currently tracking at 53.05, however should this hurdle be overcome, we will likely see an influx of bulls.
Is this current ceiling a trap set by bears to catch unsuspecting bulls anticipating a breakout? Let us know your thoughts in the comments.