Real-world use cases for Nexo, Elrond and Blockstack lure in investors

Spread the love

Traders are taking note of Nexo, Elrond and Blockstack as tokens offering real-world use cases rally higher.

The ideas of privacy and decentralization have always been the heart of the crypto community. Therefore, when Blockstack announced that it would transition from being a security token to a utility token by launching its new Stacks Blockchain 2.0 on Jan. 14, 2021, it was bound to cause a stir.

After receiving the green light from its compliance team, OKCoin plans to list Blockstack’s STX token and as the first U.S. exchange to do so,  the exchange will airdrop $1 million worth of STX.

Airdrops and exchange listings are known to boost cryptocurrency prices and as Cointelegraph reported, STX has already gained 85% in the past nine weeks.

Another token that has been rewarding its investors is Nexo. In late October, the crypto lender announced a bump up in its base rate from 5% to 6% APY and an added bonus of 2% if investors took their payout in NEXO tokens. Given that we live in times where 0% to negative interest rates exist, investors hungry for higher yields appear to have jumped at the opportunity to earn extra interest.

In addition to the interest rate bump, Nexo also unveiled a new loyalty program in November, and on Dec. 3, the company showcased a buyback program to repurchase $12 million worth of NEXO tokens.

All of these decisions are aimed at incentivizing HODLers and they appear to be working in Nexo’s favor as the token price has been in a strong rally since November.

Crypto market data daily view. Source: Coin360

The third token quietly making waves is Elrond’s EGLD. The Elrond network recently announced the launch of its digital wallet and global payments app dubbed Maiar on Jan. 31.

Elrond expects Maiar to gain widespread adoption because the app aims to provide the same features as PayPal, Venmo, and Google Pay but without collecting any personal information and at much lower fixed fees. Although expectations are high, time will only tell how successful the app becomes.

RECOMMENDED READ:  Ethereum long-term Price Analysis: 27 July

Traders always look for opportunities to make money by taking a calculated risk. A rally backed by fundamentals usually sustains longer than the ones built only on liquidity.

While the three tokens chosen today have a number of fundamental reasons to back up their strong up-moves, can the rally extend further or will the tokens succumb to selling pressure?

Let’s find out!


STX rallied from an intraday low at $0.1401 on Nov. 3 to an intraday high at $0.3171 on Dec. 8, a 126% rally in just over a month. However, the long wick on the Dec. 8 candlestick shows that traders booked profits near the all-time high at $0.32.

STX/USDT daily chart. Source: TradingView

The long tail on the Dec. 9 candlestick shows that the bulls purchased at lower levels but could not sustain the recovery. That led to another round of selling today, which has dragged the price to the 20-day exponential moving average ($0.245).

The bulls are currently attempting to defend the 20-day EMA, which suggests that the sentiment remains positive as traders are buying on dips. If the bulls can push the price above $0.29, a retest of $0.32 will be on the cards.

A breakout and close above $0.32 could start the next leg of the uptrend towards $0.35 and then $0.40.

However, the negative divergence on the relative strength index (RSI) suggests that the upside momentum is weakening.

If the price again faces rejection at $0.29 or at $0.32, the bears will try to sink the STX/USD pair below the 20-day EMA. If they succeed, the decline could extend to the 50-day simple moving average at $0.209.


NEXO has been on a stellar run in the past month. The token has witnessed a 218% rally from its intraday low at $0.1643886 on Nov. 10 to an intraday high at $0.5241 today.

NEXO/USDT daily chart. Source: TradingView

The upsloping moving averages and the RSI in the overbought territory show that the bulls are in command. There is a minor resistance at $0.52 but if the bulls can push the price above it, the rally could extend to $0.58.

RECOMMENDED READ:  Covid-19’s Effect on Blockchain and Crypto Sphere

Although the trend favors the bulls, the current pace of the rally is not sustainable. Therefore, traders should exercise caution instead of chasing prices higher.

The NEXO/USD pair may soon witness a correction to the 20-day EMA ($0.36) or enter a trading range. Such a move could attract profit booking from the momentum traders.

However, if the price rebounds off the 20-day EMA, the pair may resume the uptrend. The first sign of weakness will be if the bears sink the price below the 20-day EMA.


Elrond’s EGLD is in a bottoming formation and has started to move up in the past few days. The altcoin has rallied from an intraday low at $9.178 on Dec. 2 to an intraday high at $14.68 on Dec. 5, a 60% rally in a short time.

EGLD/USDT daily chart. Source: TradingView

The up-move is facing resistance at $14.68 but even if this level is crossed, the bulls may again hit a barrier at $16. However, the upsloping 20-day EMA ($11) and the RSI close to the overbought zone suggest that the path of least resistance is to the upside.

If buyers can drive the price above the $16 overhead resistance, the rounding bottom pattern will complete. This setup has a target objective of $26.

Even if the price corrects from the current levels, the bulls are likely to buy the dip to the 20-day EMA. If that happens, the EGLD/USD pair will make another attempt to climb above the overhead resistance. If successful, the momentum is likely to pick up.

This positive view will be invalidated if the bears sink and sustain the price below the 20-day EMA. Such a move could again drag the price down to the 50-day SMA at $9.

The views and opinions expressed here are solely those of the author

 292 Interactions,  4 today

Bank of Korea’s Governor is the first to criticize the “limitations” of crypto-assets.

In South Korea, there has recently been a large increase in crypto-investments. Unlike in the United States, regulatory authorities in Read more

The Nigerian Securities and Exchange Commission (SEC) claims that the central bank’s crypto ban has caused business disruption.

The Nigerian Securities and Exchange Commission says it is collaborating with the central bank to develop a regulatory system for Read more

Finance authorities dismiss cryptocurrencies, in the wake of Coinbase’s IPO celebrations

Economic gatekeepers are taking a closer look at blockchain as mainstream coverage of the Bitcoin bubble and Coinbase listing intensifies. Read more

Romanian university intends to consider cryptocurrency payments for admissions fees.

The academic college, which has about 11,000 students, stated that the inclusion of crypto payments was part of a campaign Read more

Bitcoin Price Movement Analysis for 11th April, 2021

Is Bitcoin nearing its peak? It's unlikely. Many on-chain measurements revealed that, although Bitcoin was highly bullish, it had not Read more

Fidelity’s Tom Jessop on why Crypto has reached a “tipping point.”

The crypto market has gained traction as a result of low interest rates and fiscal stimulus, according to a Fidelity Read more

How arrests for attempting to obtain a hitman and a nuclear bomb demonstrate that the dark web is not always anonymous.

Paying with cryptocurrency does not guarantee your safety. Most of the criticisms levelled at cryptocurrencies is that its difficult-to-trace existence Read more

Bitcoin, BTT, Dogecoin Price Movement Analysis for 7th April, 2021

Bitcoin was expected to remain above the $55,800-support, a level that coincided with its 200-SMA. BitTorrent Token was projected to Read more

The cryptocurrency market cap has surpassed $2 trillion, making it as valuable as Apple.

For the first time, the total market value of all cryptocurrencies exceeds $2 trillion. According to Goingecko numbers, the total Read more

Why crypto analyst Ben Armstrong says, ‘He Very Confident Bitcoin Will Reach $300K This Year.’

Recently, blockchain expert and influencer Ben Armstrong mentioned Bitcoin in a video posted to his highly popular YouTube channel “BitBoy Read more

Binance Coin, Dogecoin, SushiSwap Price Movement Analysis for 4th April, 2021

Binance Coin predicted that fresher record thresholds will be set in the coming days due to solid technicals. Following a Read more

Leave a Reply

Contact Us