The Great NANO Breakout - Part 4
Updated
NANO has undergone some transformations over the last year. NANO community and development continue to thrive, after overcoming a challenging spam attack earlier this year. The fast, feeless currency now has Kyle Sherman (the CEO from FlowHub - a payment processor for Weed dispensaries that handles $3 Billion in revenue each year) on their advisory board. The currency ticker has been updated to XNO, to reflect its true global currency status. From here on, I will be referring to the Nano currency as XNO. In addition, XNO can now be received as a no-fee option for Ethereum miner payouts at 2miners. Miners are switching pretty quickly to XNO.
More can be seen on the nano website.
As for the technicals, XNO has been consolidating for months, but support is slowly rising as it attempts to reclaim the 200 day Moving Average (teal):
XNO has proven to be fairly stable, but it does have its moments where it can shoot up extremely quickly. Interestingly enough, these pumps often coincide with local peaks from Bitcoin. As long as the market doesn't correct TOO much further, I think we can see XNO shoot for all-time high. $200 puts XNO at a $26 Billion market cap. At current crypto valuations, that sends XNO to the #10 or #11 spot. While I don't necessarily see XNO as being able to maintain a top 10 spot just yet, I can see it venture into the top 20. If the rest of the market continues up, that means XNO at $200 would probably have it firmly in one of those positions. After all, it's been there before.
Despite its potential, XNO has a huge amount of resistance overhead, at $12, $17, and between $30-$40. If XNO breaks all-time high, I will be looking to take some off the table. However, if we do not get to that point, and if the market continues to drop, XNO may need to fall towards the ascending support in the broadening structure on my chart. This wouldn't look particularly good.
Let's see what else the Nano foundation has in store!
Anyway, that's it from me! This is meant for speculation and entertainment, not financial advice. Previous NANO anlyses are linked at bottom.
-Victor Cobra
More can be seen on the nano website.
As for the technicals, XNO has been consolidating for months, but support is slowly rising as it attempts to reclaim the 200 day Moving Average (teal):
XNO has proven to be fairly stable, but it does have its moments where it can shoot up extremely quickly. Interestingly enough, these pumps often coincide with local peaks from Bitcoin. As long as the market doesn't correct TOO much further, I think we can see XNO shoot for all-time high. $200 puts XNO at a $26 Billion market cap. At current crypto valuations, that sends XNO to the #10 or #11 spot. While I don't necessarily see XNO as being able to maintain a top 10 spot just yet, I can see it venture into the top 20. If the rest of the market continues up, that means XNO at $200 would probably have it firmly in one of those positions. After all, it's been there before.
Despite its potential, XNO has a huge amount of resistance overhead, at $12, $17, and between $30-$40. If XNO breaks all-time high, I will be looking to take some off the table. However, if we do not get to that point, and if the market continues to drop, XNO may need to fall towards the ascending support in the broadening structure on my chart. This wouldn't look particularly good.
Let's see what else the Nano foundation has in store!
Anyway, that's it from me! This is meant for speculation and entertainment, not financial advice. Previous NANO anlyses are linked at bottom.
-Victor Cobra
Note
Doesn't look great in the short term, honestly. That's because NANO is struggling to hold above the daily moving averages. If Bitcoin pulls it together, it will hopefully allow NANO to break and hold above resistance. Lower supports are marked on the chart (horizontal support from the summer, and the light blue trendline) Note
Starting to look like NANO is forming an ascending triangle. It'll be interesting to see if it maintains this uptrend. It's pretty close to it now. Note
Zoomed out: Note
Doesn't look too great, but as long as Bitcoin continues to hold the line here, I think we can see NANO get back above that trendline. If Bitcoin fails here and heads below 50k, I'd expect NANO to touch that lower trendline. Note
Getting back above that trendline would be a sign of strength - particularly if NANO can then break above the $6.50 resistance. Ideally, I'd like to see NANO get above $17 and stay there. One can dream :)Note
Since Bitcoin has continued to flounder, NANO has drifted closer to the next uptrend, currently near $3.00. However, the TOTAL crypto market cap just bounced from a trendline dating back to 2015, so if the market can find a floor soon, we should see NANO and others begin to recover as well. Note
Breaking above 5.50ish is the key level. Otherwise, NANO will likely continue to look bearish. Note
Looks like this lower trendline can be drawn pretty close to current price. If NANO can bounce pretty hard soon, I think this may end up looking like a huge re-accumulation range for much of 2021. This would set XNO up for some pretty strong price action heading into 2022. It would be a very interesting year for a pure currency like this to do well, considering ever-present inflation. It would honestly be pretty impressive to see strong price action going into the new year. Note
Well, unfortunately Bitcoin has failed to have a significant bounce, and the rest of the market is showing general signs of weakness (including ETH). NANO is now below the uptrend held since March 2020 (as are many cryptos). There should be some support around $2, and then in the previous accumulation range from the last bear market. This is a situation where new highs failed to materialize, so it can just head back to the basement until it gets some further recognition and adoption. Price doesn't really matter for Nano's usefulness, but it does matter for hype 
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