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The Nest Protocol Token (NEST/USD) surged 50% on Tuesday before falling slightly. Token trading volume increased, with a 24-hour change of +326%. We will explore this exciting token and its protocol further.
Nest Protocol serves as the web3 infrastructure platform. Facilitates the generation and programming of stochastic assets.Building a platform ethereumNEST, an Ethereum-based token, runs the protocol. It helps meet the liquidity needs of the platform. Tokens also serve as a reward mechanism for users who provide accurate price quotes on the protocol.
The Nest Protocol token is ranked #190 on CoinMarketCap with a total valuation of $76.64 million. The circulating supply of tokens is 2.91 billion and the maximum supply is capped at 10 billion.
There were no clear fundamentals driving the price of NEST. The token has witnessed an increase in mentions on social trading platforms. can the bubble pop?
NEST’s technical outlook shows that the token is overbought with an RSI of 77. The cryptocurrency has met resistance at $0.038 and a tailbar has formed.
Looking at the general trend, NEST’s price momentum is bearish. Cryptocurrencies are witnessing unsustainable irregular bullish pop-ups.
Buying NEST is speculative as the price lacks clear fundamentals. A potential bubble burst could occur after an intraday rally. Cryptocurrency Remains a bear market.
NEST needs to clear the $0.038 resistance to maintain sustained bullish momentum. That depends on whether clear fundamentals emerge to support higher prices amid bearish crypto sentiment. On the downside, the level to watch out for is $0.016.
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