It's been a while! This thing has truly gotten hammered, but even upon the breakdown of the long term 12K sat support, Nano did not drop by more than 20% or so against Bitcoin. Sure, it's back to the $1 level, but it has been near or around that level for an entire year! Despite this, all I see is vocal capitulation for this coin. People keep saying it's dead...yet I also see tons of promising development and exposure. The community has been taking marketing to the next level, and I'm actually pretty impressed. It still has a large social media presence and following, despite its relatively low market cap. This leads me to believe that it is undervalued when compared with other assets in the space.
Memes are real in this market. Nano has always been a better option than Bitcoin for payments (and currently the fastest coin in the market), but it trades at low volume and isn't available at many exchanges, particularly in the U.S. I've held Nano since the end of 2017, but bought most of mine between $0.80 and $2. Time will tell if it was worthwhile.
In terms of this setup...it seems like it keeps getting bought in the 950-1000 area. The weekly ultimate oscillator, RSI, and stoch are all at rock bottom while they are painting a potential bullish divergence on the daily timeframe. Meanwhile, we're actually BELOW the wedges we were trapped in for many months. I think those trendlines could still serve as important pivot areas. If one were to buy here, I think we could target the wedge support (1220 area) and then the wedge resistance (1500 zone). Both of those areas are extremely important for Nano. If it can breach both, we can look at much higher targets, like 2100 or above. Let's start small though.
Stop loss would be below 900, perhaps.
Can Nano do it? Let's see.
This is not financial advice!
-Victor Cobra