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NANO Technical Analysis: Price May Soon Surpass $6.85


cryptoknowmics.com 11 June 2021 11:25, UTC
Reading time: ~2 m

Nano is a high-speed, cost-effective, and eco-friendly blockchain network that offers a high-quality user experience. Its prime objective is to ease digital payments across the globe. Users need not depend on mining, minting, or printing currencies as NANO is a sustainable cryptocurrency. The following NANO technical analysis predicts the price trends for the next two days:

Past Performance

On Jun 4, 2021, NANO opened at $8.95. On Jun 10, 2021, NANO closed at $6.48. Thus, in the past week, the price has decreased by roughly 28%. In the last 24 hours, NANO has traded between $6.27-$6.65.

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Day-Ahead and Tomorrow

Currently, NANO is trading at $6.63. The price has increased from the day’s opening price of $6.48. Thus, the market seems bullish.

The MACD and signal lines have just turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum has turned bullish. Hence, we can expect the price to rise further.

Currently, the RSI indicator is at 65%. It faced rejection at 63% and rose to the current level. Thus, buying pressures are high for NANO. Hence, the RSI oscillator is giving further credence to the bullish market momentum indicated by the MACD oscillator.

Besides, the OBV indicator is upward sloping too. Thus, buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the price. In short, all three oscillators have given positive signals.

All three indicators project a bullish stance.

NANO Technical Analysis

Currently, the price is above the first Fibonacci pivot resistance level of $6.61. The price may soon surpass the second and third resistance levels of $6.70 and $6.85, respectively.

The price has tested and broken out of the 23.6% FIB retracement level of $6.56. It may soon break out of the 23.6% FIB extension level of $6.74. Thus, as of now, the bulls are strong. Hence, the price uptrend is expected to continue tomorrow as well.


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