Analysis

NANO is showing bullish signs after breaking above the 98-day resistance line

NANO is showing signs of strength as it bounced off the long-term support area and then broke above the descending resistance line.

Important price zone

NANO has been down since hitting an all-time high of $17 on May 13th. The bearish move led as low as $1.91 (green icon) on Jan 24.

The low serves to confirm the $2 zone as support. This area acted as resistance in May 2019 and now appears to have turned back into support.

From an all-time high, NANO is down 86.71%.

 Source: TradingView

The breakthrough takes place

The daily chart is showing some signs of strength.

First, a very significant bullish divergence has formed on the MACD. Such events are often followed by bullish trend reversals.

Second, NANO broke the descending resistance line that has been in place since October 30th.

The main resistance area is located at $4. It is formed by the 0.382 Fib retracement level and coincides with another descending resistance line (dashed line) that has been in place since September 6th.

 Source: TradingView

Count waves

Trader @ewfib tweeted a chart of NANO and said the token may have completed a correction.

The source: Twitter

Measured from the March 2020 low, NANO appears to have completed a five-wave bull cycle (white) that has led to an all-time high.

Since then, the price has corrected within an ABC corrective structure.

However, wave C is only 0.382 times as long as wave A, which is unusually short. However, this can be explained by the long upper wick, which reached an all-time high.

However, the extremely short length of wave C makes the correction incomplete. This also aligns with the price action as NANO has yet to break above the second descending resistance line and the $4 resistance area.

So until this is successful, the adjustment cannot be considered complete.

Source: TradingView

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

8 minutes ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

28 minutes ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

44 minutes ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

1 hour ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

2 hours ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

2 hours ago

This website uses cookies.