NANO (NANO) Analysis: Nano Coin Price Aiming To Penetrate Critical Resistance Zone of $2.00

  • Nano coin price levels registered a new 52-week high of $1.80 past couple of trading sessions back and were able to maintain their positive sentiment
  • The price levels performed significantly positive during the current market session with an overall gain of 10.07%
  • The NANO/BTC pair is also performing positive with an overall gain of 10.30% bringing the current level to 0.000046 BTC

Nano Coin Price Breaking New Levels For The Year

Source: Coinmarketcap

The weekly price performance of Nano coin has been staggering while providing around 50.00% uptrend and showing no major signals of negative retracement on the chart. However, there can be a possible build-up of a new resistance point around $1.80 in the upcoming trading sessions. On the downside, the price levels are having major support placed at $1.00. The CMP is placed at $1.58 with an overall gain of 10.35% bringing the market capitalization to $210,308,050 resulting in a gain of 10.05%. The 24-hour volume traded has reached $29,792,020 facing a decline of -27.23%. 

Nano Coin Needs To Develop Sustainability On Current Bullish Levels 

Source: Tradingview

The technical chart of Nano coin highlights the acute bullish rally made by the price levels from the past couple of trading sessions providing a positive breakout above the 0.236fib level for the first time this month. However, after creating a new 52-week high point of around $1.80, the price levels faced modest corrections but was able to maintain sustainability above the 0.236fib level. The foremost target of the crypto asset for the upcoming trading sessions will be to maintain concrete sustainability above the 0.236fib level in order to have a positive breakout above the crucial bullish mark of $2.00 

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The moving average convergence & divergence (MACD) looked vulnerable for a bearish crossover which can result in the comeback of modest corrections. 

The relative strength index (RSI) faced corrections after having a positive breakout to the overbought region. The current level stands at 64.05 and aiming for another breakout. 

The directional movement index (DMI) is also showcasing significant bullish nature as ADX (33.44) had a positive breakout against +DI (24.92). 

Resistance level: $1.80 & $2.00

Support level: $1.00 

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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