NANO Still Resembles 2015 Bitcoin, But Way More Volatile
Updated
I made a post about this a while ago, and I also talked about it in my most recent video. Of all the cryptocurrencies out there, Nano appears to most closely resemble Bitcoin's bottom from 2015. We even have the 50 week Moving Average (red) slowly moving down as price remains at a year-long horizontal support level. Nano's bubble from 2017 is actually fairly similar to what Bitcoin did in its early days, mainly the move up towards $30 and then back down to $2 in 2011. Even though volume and liquidity is relatively low for Nano, that doesn't mean it cannot break out of its accumulation phase and see a sizable markup. That is...if the crypto space is going to continue growing at an exponential rate. One mustn't blindly assume this will happen.
The most notable difference between NANO and Bitcoin in this chart is that Nano failed to test the $3.80 level after the bounce from Bitcoin's bear market lows last December. It struggled to hold the $2 level and eventually rolled back over to retest the major $0.70 support zone. There is a chance that support still falls, but the weekly chart looks fairly encouraging, printing multiple green candles in a row. If Nano can break above the 50w moving average, just as Bitcoin did towards the second half of 2015, I think it can finally make a large move to the upside. Another notable difference here is the volatility. You can see that the swings are more exaggerated for Nano, which means that these moves could be quite large. On this chart, you can see that $2, $3.80, $5, and then $10-11 are all really important historically for Nano. There are reasons to believe that Nano will continue to survive, based on its simplicity and advantages over other cryptocurrencies. It also continues to be adopted and has a strong community. In my opinion, community is one of the most important things a cryptocurrency can have, particularly if it's going to survive a very long and brutal bear market.
Nano has actually outperformed a number of major cryptocurrencies if we look at the period from August 2018 until now, which was when it first tested that $0.70 zone. It has done better than Ethereum, NEO, XRP, and XLM. In this chart, I've drawn what Nano could do (in theory) if it precisely followed what Bitcoin did when it exited the last bear market. This is COMPLETELY speculative. I just like doing this for fun. In terms of trading, I may sell some if it does get to that $10-11 area and wait to rebuy. It may not even get up there, and instead get stopped in the $4-5 area. After that correction (which may last a while), we could potentially see Nano test its all-time high above $30, by sometime in 2021. You can see that Nano's bottoming period has also taken substantially longer than Bitcoin's.
All this is very interesting to me. This is meant for entertainment and speculation only. It is not financial advice.
-Victor Cobra
The most notable difference between NANO and Bitcoin in this chart is that Nano failed to test the $3.80 level after the bounce from Bitcoin's bear market lows last December. It struggled to hold the $2 level and eventually rolled back over to retest the major $0.70 support zone. There is a chance that support still falls, but the weekly chart looks fairly encouraging, printing multiple green candles in a row. If Nano can break above the 50w moving average, just as Bitcoin did towards the second half of 2015, I think it can finally make a large move to the upside. Another notable difference here is the volatility. You can see that the swings are more exaggerated for Nano, which means that these moves could be quite large. On this chart, you can see that $2, $3.80, $5, and then $10-11 are all really important historically for Nano. There are reasons to believe that Nano will continue to survive, based on its simplicity and advantages over other cryptocurrencies. It also continues to be adopted and has a strong community. In my opinion, community is one of the most important things a cryptocurrency can have, particularly if it's going to survive a very long and brutal bear market.
Nano has actually outperformed a number of major cryptocurrencies if we look at the period from August 2018 until now, which was when it first tested that $0.70 zone. It has done better than Ethereum, NEO, XRP, and XLM. In this chart, I've drawn what Nano could do (in theory) if it precisely followed what Bitcoin did when it exited the last bear market. This is COMPLETELY speculative. I just like doing this for fun. In terms of trading, I may sell some if it does get to that $10-11 area and wait to rebuy. It may not even get up there, and instead get stopped in the $4-5 area. After that correction (which may last a while), we could potentially see Nano test its all-time high above $30, by sometime in 2021. You can see that Nano's bottoming period has also taken substantially longer than Bitcoin's.
All this is very interesting to me. This is meant for entertainment and speculation only. It is not financial advice.
-Victor Cobra
Note
If Nano can break and hold above the 100d MA (green) that would be a great start. It's just a few cents above the current price. If that clears, we can then tackle the 200d MA (around $1.20) Note
Now that the 100d MA is cleared, perhaps we can get a move something like the yellow. Or it can blast straight through the 200, but that would be pretty incredible. May need some sort of catalyst for that to happen, but more liquidity with Kraken is a start. Impressive for a coin with hardly any corporate marketing. It's all community-driven. Note
If NANO gets to $1.20, it'll also be above the 50W MA (red on my chart), which is around $1.11 currently.Note
Nice test of the 9d MA. My hope is that it can consolidate around $1.00 and move up towards the 200d MA (just as VET did successfully today). Note
Resistance at the 50W MA currently, but we haven't tested the 200d MA yet. As long as the market remains stable, I expect a test of the 200d MA relatively soon. Perhaps we can even break above it (look at VET, for instance). We'd probably need a bit of news...though I guess NANO fundamentals may be strong enough. Note
Above, you can see how important the Ultimate Oscillator (red) is on the daily timeframe. It tells us that even though the RSI is indicating a top, we may actually just be building a new support level, since the UO has already fallen back to support. This indicates that there's still room for growth.
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