Nexus [NEX] has climbed to the higher side of the market, delivering a rally of roughly 18% over the past day. The move follows through on the previous week’s performance, when the asset gained more than 12%.
The asset continues to show strength, suggesting the upward surge may hold, though traders should treat it with caution as capital flow this time around remains slim.
The odds stack in NEX’s favor
Chart analysis reveals a clear rise in bullish sentiment, and strengthening momentum has been one of the key factors driving it.
The Moving Average Convergence Divergence (MACD) has trended upward for the asset over the past days. This uptrend coincided with the MACD line and the signal line pushing further upward on the chart.
While the trend remains positive, both lines still sit in negative territory. Once they cross into positive territory, it will signal the bulls have gained strength and returned to the market.
The Money Flow Index (MFI) strengthens the bullish outlook, rising to a high of 67 and pointing to greater capital inflow into NEX compared with previous days.
As long as the MFI keeps its upward motion without crossing into overbought territory above 80, NEX stands a strong chance of continuing to trend higher.
Spot and perpetual markets support NEX
The Funding Rate has reinforced the bulls’ actions in the market, particularly as it rose significantly. During the past day’s surge, the Funding Rate climbed to a high of 0.0175%, implying more long than short positions in the market.
This matters because it aligns closely with Spot market action, where traders have driven more net buying over the past days.
CoinGlass’ Spot market netflow confirms the stronger buying over the past week, with netflow reaching -$21,820 across the past seven days – a trend also visible over the five- and three-day windows.
The past 24 hours mark the only exception, with sellers slightly edging out buyers and a positive netflow of $6,290, as total NEX flow reached $105,400 over that period.
For now, this exchange data remains minimal, yet it adds to the case for a continued upward move.
Sentiment drives the performance
Sentiment has been central to the asset’s performance, holding on the high side.
The sentiment gauge, which measures between -10 and 10, shows sentiment hitting an exact 4.00 on the chart, a sign the bulls control the market.
Sentiment plays a key role, and when readings turn positively high like this, they help the asset trend upward, as traders accumulating it treat current levels as fair value for the buy side.
For now, the price stands a high chance of rebounding to the higher side, and that may well be the case for NEX.
Final Summary
- NEX has rallied roughly 18% in a day, backed by rising MACD, an MFI of 67, and net buying across the past week’s Spot data.
- MACD lines remain in negative territory, and capital flow stays slim, leaving the move unconfirmed.
