NANO Struggles to Reach $1 After Drop

2020-10-5 18:48

The Nano (NANO) price has been increasing since it reached a low on Sept. 23.

Nevertheless, the price has failed to move above an important resistance level, and the trend is considered bearish until it does so.

Reclaim of Support

The NANO price has been declining since Aug. 22, when the price reached a high of $1.45. The fall has been swift, and on Sept. 23, the NANO price reached a low of  $0.66, just below the 0.618 Fib level of the entire upward move.

However, the price quickly reclaimed this level and created a long lower wick in order to re-test it once more on Oct. 3. Conversely, the closest resistance area is found at $0.95.

NANO Chart By TradingView Ongoing Retracement

Technical indicators are neutral. While the MACD and Stochastic Oscillator are increasing, the latter having already made a bullish cross, the former has not crossed into positive territory yet. Furthermore, the RSI has formed a considerable hidden bearish divergence and is still below 50.

Therefore, readings from the daily time-frame are not sufficient to determine where the price will head towards next.

NANO Chart By TradingView

A closer look reveals that the price is also following a short-term descending resistance line. Furthermore, measuring from the entire downward move, the price has yet to even move above the 0.382 Fib level, the lowest retracement level, which also coincides with the previously mentioned $0.95 resistance area.

Until the price successfully reclaims this resistance level, the price action is more likely to be a retracement than the beginning of a new upward move.

The next resistance area is found at $1.15.

NANO Chart By TradingView Wave Count

Cryptocurrency trader @TheTradingHubb outlined a NANO chart that shows the price increasing all the way to $0.95, which coincidentally is the main resistance area that we have outlined.

Source: Twitter

The wave count since the Aug. 22 high shows a completed five-wave bearish impulse (shown in black below), which ended with the Sept 23. low. Since then, the price has begun an upward move, which until now looks like an A-B-C correction.

A rally in which waves A:C have a 1:1 ratio would take the price to $0.97, validating both the resistance area and the 0.382 Fib level of the entire decline.

While a correction can retrace more, possibly going to $1.15 (the 0.618 Fib from the previous section), the price move would make it more likely that it ends near $0.97.

If the price reclaims this area and turns it to support afterward, it’s possible that this is the beginning of a new upward trend rather than just a correction.

However, another rejection from the $0.95 area seems the most likely scenario.

NANO Chart By TradingView

To conclude, the NANO price should reach the $0.95 area once more. However, a breakout above seems unlikely if the current move is a correction.

For BeInCrypto’s Bitcoin analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk, and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

The post NANO Struggles to Reach $1 After Drop appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Nano (NANO) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $1.3284
Капитализация $0 Rank 99999
Цена в час новости $ 0.7716 (-100%)

nano price level resistance above important considered

nano price → Результатов: 82


Nano Price Prediction 2023 – 2025 – 2030 | NANO Price Forecast

In this guide, we will voice our own and market’s opinion on NANO future while discussing Nano price forecast for 2023 and beyond. Please bear in mind that you should take this and any other prediction with a grain of salt since predicting anything is a thankless task, let alone predicting the future of a […] The post Nano Price Prediction 2023 – 2025 – 2030 | NANO Price Forecast appeared first on CaptainAltcoin.

2022-12-30 22:44


Nano Price Prediction 2022 – 2025 – 2030 | NANO Price Forecast

In this guide, we will voice our own and market’s opinion on NANO future while discussing Nano price forecast for 2022 and beyond. Please bear in mind that you should take this and any other prediction with a grain of salt since predicting anything is a thankless task, let alone predicting the future of a […] The post Nano Price Prediction 2022 – 2025 – 2030 | NANO Price Forecast appeared first on CaptainAltcoin.

2021-11-25 14:05


Фото:

Nano’s Price Correction Could Be Coming to an End [Premium Analysis]

The NANO price has decreased by 29 percent in December. It is close to reaching a significant support area, which could initiate an upward move and mark an end to the correction. So far, it has been a tale of two months for NANO — which increased by 35 percent in November but has been […] The post Nano’s Price Correction Could Be Coming to an End [Premium Analysis] appeared first on BeInCrypto.

2019-12-26 15:04


Состоялся релиз программного обеспечения Ledger Live

В понедельник, 9 июля, состоялся релиз нового программного обеспечения для аппаратных биткоин-кошельков Ledger Nano S и Ledger Blue под названием Ledger Live с поддержкой операционных систем Windows, Mac и Linux.

2018-7-10 23:30


Фото:

The Price Decline of Cryptocurrency is Trivial in Comparison to Venezuela’s Financial Woes

It is still believed cryptocurrency will have a positive impact, although it may not be in the form of Bitcoin or even the Petro. Venezuela and Nano Mix Well According to a recent Reddit thread, the financial situation in Venezuela is only getting worse. It is evident financial hardship has become the new normal in

2018-7-3 17:57