Analytics

NANO Technical Analysis: Expect the Price to Rise and Test the First Fibonacci Pivot Resistance Level of $5.08

NANO is a peer-to-peer money transferring platform. It uses a unique block-lattice data structure that allows easy and smooth transfer of value without involving any centralized intermediaries. The coin was first launched under the name of XRB, but was changed, and renamed to NANO in 2018.  Let us look at the technical analysis for NANO.

Past Performance

On July 5, 2021, NANO started trading at $4.93. As of July 11, 2021, the closing price of NANO was $4.78. Thus, in the past week, the HBAR price has been non-volatile. In the last 24 hours, HBAR has traded between $4.32 – $5.07.

https://www.tradingview.com/x/4EYJ8Tfm/

Day Ahead And Tomorrow

Currently, NANO is trading at $4.86. The price has increased from the opening price of $4.30. Thus, it seems that the number of buyers is increasing in the market.

On the daily chart, the MACD and signal lines are in the negative zone. However, a bullish crossover by the signal line over the MACD line can be seen. Thus, the overall market momentum seems bullish and thus, we can expect the NANO price to rise for the rest of the day.

Currently, the RSI indicator is at 44.69%. It has rallied from the 35% mark. Thus, it indicates that the buying pressure is mounting up in the market. The RSI has resisted from this level, therefore, we have to wait and watch if it crosses this level. Once it does, we can confirm the uptrend.

NANO Price Analysis

The price is currently below the Fibonacci pivot point of $5.50. As the used oscillators are showing bullish signals, we can expect the price to rise and test the first Fibonacci pivot resistance level of $5.08 soon.

If the price falls below the FIB extension level of $4.69 in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

   

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