Can NANO Prove Itself?
Updated
The other day, I made a chart comparing some alts that have been doing at least "okay" since August, 2018 and those that have continuously made new lows on their BTC ratios and USD values. Nano is one of those that has not made a significant USD low since then, but it is in danger of doing so if the market can't get it together soon. This is quite impressive for something that is still 97% down from its ATH, given that many other coins have dropped off the map. Nano has continued to have a strong community, which is likely why it's survived up until this point. Nano is a lightweight, zero fee, near-instant competitor to Bitcoin, but it suffers from relatively low awareness and liquidity.
Regardless, I think there's a decent bullish setup here if NANO can confirm 9 Week Moving Average support here (bounced perfectly off it today) and break the first orange downtrend line. Then it can head to the secondary downtrend, or at least the 50w MA. In terms of its Bitcoin ratio, it's not TOO much lower than it was during the August '18 capitulation, but it's in danger of rolling back over to the downside here if the weekly Ultimate Oscillator can't break the resistance around 50. It really needs to get above that 2018 low of 1287 for bullish confirmation.
On the daily chart, we've begun a slow, low-volume uptrend with support at the 50d MA (red). I'd like to see Nano hold the line and the 50d MA cross over the 200d MA soon. If the 50 and 100d MAs cannot hold, and if Nano can't hold above $0.70, I think it's in danger of becoming one of the "dead alts."
That's it! Targets are shown on this chart. This is not financial advice. I'm just posting this in case we do see a breakout for this coin. The crypto market is in a fragile state right now. This is for speculation, observation, and education.
-Victor Cobra
Regardless, I think there's a decent bullish setup here if NANO can confirm 9 Week Moving Average support here (bounced perfectly off it today) and break the first orange downtrend line. Then it can head to the secondary downtrend, or at least the 50w MA. In terms of its Bitcoin ratio, it's not TOO much lower than it was during the August '18 capitulation, but it's in danger of rolling back over to the downside here if the weekly Ultimate Oscillator can't break the resistance around 50. It really needs to get above that 2018 low of 1287 for bullish confirmation.
On the daily chart, we've begun a slow, low-volume uptrend with support at the 50d MA (red). I'd like to see Nano hold the line and the 50d MA cross over the 200d MA soon. If the 50 and 100d MAs cannot hold, and if Nano can't hold above $0.70, I think it's in danger of becoming one of the "dead alts."
That's it! Targets are shown on this chart. This is not financial advice. I'm just posting this in case we do see a breakout for this coin. The crypto market is in a fragile state right now. This is for speculation, observation, and education.
-Victor Cobra
Note
Finding resistance now at the 200d MA, but at least we've confirmed the 50 as support. We want Nano to continue holding these levels, and we want it to break the 200d MA and the orange downtrend. Note
Since NANO failed to break that orange downtrend, it has now dumped back below the 100d MA, which is NOT what I wanted to see, for this coin to survive. It is now officially below the support dating all the way back from 2018. If buyers can't step it up here for NANO, I fear it could dump significantly - perhaps towards the $0.50 or even $0.30. Several other alts from the 2017 bull are now 99% down or more (WTC and ICX, for example). Nano might have to join the ranks. A bounce from the rest of the market would also really help Nano here, but not sure about the BTC ratio anymore. Note
Still doesn't look good for NANO. The only hope here is if Bitcoin heads up again, causing it to rise back above $0.70. It would also be good for underdog alts like NANO if dominance declined as well.
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