CandleFocus Cryptocurrency price analysis: EGLD, NEAR, and NEXO
2024-09-11
Author: Content Editor
Cryptocurrencies like MultiversX (EGLD), NEAR Protocol (NEAR), and Nexo (NEXO) have experienced declines amidst a 2.4% drop in the global crypto market. Investor attention is now turning to the release of US inflation data and other potential catalysts. The recent US presidential debate, which did not focus on crypto, caused Bitcoin and altcoins to lose gains. The performance of cryptocurrencies in the coming months will likely be influenced by inflation, interest rates policy, and the US election. MultiversX (EGLD) has seen some upside momentum, with the potential for a breakout above $27. NEAR Protocol (NEAR) is struggling to break higher and is currently hovering around $4.05. Nexo (NEXO) has experienced downward pressure and is currently trading around $0.96, significantly lower than its all-time high of $4 in May 2021. If NEXO reclaims $1, it could potentially reach supply zones of $1.30-$1.40, while further declines could bring it to lows of $0.8 and potentially $0.6.
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