thecoinrepublic.com
- The NANO token price has moved 70% up after the price rejection from the previous all-time high of $14.44.
- Recently the coin price has taken support from the 50 EMA with a morning star pattern with a bullish engulfing candle in the daily timeframe, implying the uptrend might continue.
- The NANO/BTC pair is trading at 0.0001951 with an intraday up move of 36.08%.
Source-tradingview
NANO coin price fell more than 50% after creating a new 52-week high of $14.44. It is now rising again by forming a morning star pattern with a bullish engulfing candle near the 0.618 Fibonacci level near $6.61.
It is currently holding just above 50 EMA and the 0.382 Fibonacci level in the daily timeframe. The declining selling volume of the previous price fall might indicate that the pullback is complete.
The live Nano price today is $11.00 with a 24-hour trading volume of $491,069,317. Nano is up 33.28% in the last 24 hours. The live market capitalization of the coin is $1,466,252,258
Breakout of the Symmetrical Triangle
NANO token price has been rising higher inside the triangle pattern in the 4-hour timeframe, resulting in the pattern breakout and the 70% rise. The breakout of the pattern also brought a breakout of an important resistance level of $9.4.
The constant support from the 50 EMA has played an important role. The rise of volume in breakout has boosted the price high.
The level of $9.41 and $6.22 is the immediate support, whereas the immediate resistance level is $13.39.
The price jump due to the breakout of the consolidation inside the triangle pattern in the 4-hour timeframe has raised the price above the 50 EMA (yellow) and the 200 EMA (white). The rally also prevented the expected bearish crossover.
The relative strength indicator is trading near 81 and heading higher, indicating some bullishness left before rebounding from the overbought zone.
The ADX indicates a gaining momentum as it is trading at 26, and the slope in ADX is increasing, implying a gain of momentum.
Conclusion – NANO coin price has recently exhibited a breakout of a short period triangle pattern suggesting the start of an uptrend. The boost in volume is helping the coin price start the rally. The gain in momentum as opposed to the bearishness showcased by RSI has managed to slow down the bulls. Hence, early traders should enter only after retest confirmation.
Support- $9.41 and $6.22 along with major EMAs
Resistance- $13.39