Nano is a zero-fee public blockchain network that fosters financial inclusion and instant digital money transfers. This open-source protocol also facilitates the development of new and innovative decentralized apps. Its eco-friendly characteristic makes it a sustainable network. NANO is the customized token of this ecosystem and its technical analysis is as follows: Past Performance On May 21, 2021, NANO opened at $8.95. On May 27, 2021, NANO closed at $8.16. Thus, in the past week, the NANO price has decreased by roughly 9%. In the last 24 hours, NANO has traded between $7.85-$8.27. https://ift.tt/34nx0tR Day-Ahead and Tomorrow Currently, NANO is trading at $8.06. The price has decreased from the day’s opening price of $8.17. Thus, the market seems bearish. Both MACD and signal lines have just turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum has turned bullish. Hence, we can expect the price to start rising soon. Currently, the RSI indicator is at 42%. It faced rejection at 52% and fell to the current level. Thus, selling pressures are higher than buying pressures. The A/D indicator is steadily rising. Hence, whale accumulations are slowly surpassing whale distributions. High buying activity will exert upward pressure on the NANO price. In a nutshell, when we look at all three oscillators together, we can say that as of now, the bears are strong. But, the price is likely to start rising soon. However, we have to wait and watch if this price rise is a corrective price action amidst a price downtrend or the beginning of a price uptrend. NANO Technical Analysis Currently, the price is below the Fibonacci pivot point of $8.09. The price may break out of the pivot point soon. If the bulls gain strength, we can expect the price to surpass the first resistance level of $8.25, in some time. Presently, the price has tested and fallen below the 38.2% FIB retracement level of $8.01. It may soon test and fall below the 23.6% FIB retracement level of $7.94 as well. If by day end, the price retests and breaks out of these levels, then probably the price uptrend is strong enough to sustain till tomorrow.
The post NANO Technical Analysis: Bulls May Gain Strength, Expect the Price to Surpass the First Resistance Level of $8.25 appeared first on Cryptoknowmics-Crypto News and Media Platform.
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