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Nest Protocol token (NEST/USD) traded up 50% on Tuesday before cooling slightly. The token saw increased trading volume, with a 24-hour change of positive 326%. We investigate more into this now exciting token and its protocol.
Nest Protocol functions as a web3 infrastructure platform. It facilitates the generation and programming of stochastic assets. The platform is built on Ethereum. NEST, an Ethereum-based token, runs the protocol. It helps meet the liquidity needs of the platform. The token also serves as a reward mechanism for users who provide accurate price quotes on the protocol.
Nest Protocol token is ranked #190 on CoinMarketCap with a total valuation of $76.64 million. The token has a circulating supply of 2.91 billion tokens, while its max supply is capped at 10 billion.
No clear fundamentals were driving the price of NEST. The token witnessed increased mentions on social trading platforms. Will the bubble burst?
NEST token price analysis amid increased retail interest
A technical outlook of Nest Protocol shows that the token is overbought, with the RSI at 77. The cryptocurrency met resistance at $0.038, resulting in the formation of tailed bars.
Looking at the general trend, the price momentum of NEST is bearish. The cryptocurrency has been witnessing irregular bullish pop-ups that have been unsustainable. Consequently, a sharp correction could occur.
Should you buy NEST?
Buying NEST is speculative as the price lacks clear fundamentals. A potential bubble burst could occur after the intra-day gains as cryptocurrencies remain in a bear market.
For a sustainable bullish momentum, NEST must clear the resistance at $0.038. That will depend on clear fundamentals emerging that will support a higher price amid a bear crypto sentiment. On the downside, the level to watch is $0.016.
Where to buy NEST
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The post Nest Protocol – what you need to know about the token that surged 50% in a day appeared first on CoinJournal.