Nexus (NEX) has climbed 18% over the past day, following a 12% gain the previous week. The asset's upward surge is driven by two major factors: bullish sentiment and strengthening momentum. According to chart analysis, the Moving Average Convergence Divergence (MACD) has trended upward, with the MACD line and signal line pushing further upward. The Money Flow Index (MFI) has also risen to 67, pointing to greater capital inflow into NEX.
Key Indicators
The Funding Rate has reinforced the bulls' actions, rising to 0.0175% and implying more long than short positions in the market. This aligns with Spot market action, where traders have driven more net buying over the past days. CoinGlass' Spot market netflow confirms stronger buying, with a netflow of -$21,820 across the past seven days.
Sentiment Analysis
Sentiment has been central to the asset's performance, with the sentiment gauge hitting 4.00, a sign that bulls control the market. When sentiment readings turn positively high, they help the asset trend upward, as traders accumulating it treat current levels as fair value for the buy side.
