NANO tries to find support after breakout

Nano

(NANO) has been rising since July 20 and in that time has regained the horizontal area at $5.10. Sponsored

Altcoin

has yet to validate this area as support. Once it does, it can resume its upward movement towards the resistance levels listed below.

NANO regains resistance

NANO has been moving upwards since July 20, when it reached a low of $3.10. It managed to move above the horizontal resistance area at $5.20 on August 11 and peaked at $7.87 on August 22.

Sponsored Sponsored

However, it formed a long upper wick and has been falling

ever since.

The decline was preceded by bearish divergence on RSI and MACD

.

If the token

continues its decline, the $5.20 area is expected to act as support. Besides being a horizontal support area, it coincides with the support line of the supertrend indicator (green line). NANO tries to find support after breakoutDzienny wykres NANO NANO chart thanks to Tradingview

Cryptocurrency trader @IncomeSharks

outlined a chart of NANO, claiming that there is no resistance until $9. As you can see above, the main resistance area is indeed at $9. NANO tries to find support after breakoutNANO tries to find support after breakout Source: Twitter

Short-term

Movement

The

short-term

six-hour chart shows that NANO continues to follow the rising support line.

Similar to the daily chart, the decline was preceded by bearish divergence on MACD and RSI.

If the support line is broken, the previously outlined horizontal support area at $5,.20 will fall right between the 0.5 and 0.618 Fib retracement support levels.

NANO tries to find support after breakoutNANO tries to find support after breakout <a href=”https://www.tradingview.com/symbols/NANOUSDT/?exchange=BINANCE”>NANO waveform thanks to Tradingview

Wave count

The wave count suggests that NANO may have just started wave five (orange) of the bullish impulse that began in March 2020. Thus, the fourth wave of the correction has also ended, bouncing off the support level at the 0.5 Fib retracement.

See also  An unfortunate click costs him $100,000 in cryptocurrencies

The potential target for the top of the entire upward movement is located in the range of $20.90-21.70. We find this target using the outer Fib retracement for wave four (black) and the wave length projection 1-3 (orange) to the bottom of wave four.

NANO tries to find support after breakoutLiczba fal dla NANONANO chart courtesy of Tradingview

For the latest analysis of Bitcoin (BTC) by BeInCrypto, click here.

Explanation

All information contained on our website is published in good faith and for general information purposes only. Any action taken by the reader in relation to the information on our website is solely at the reader’s own risk.