Price Analysis

NANO Price Analysis: Reaches Yearly Highs Amid Crypto Market Correction

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Amid the widespread cryptomarket declines, Nano (NANO) posted an aggressive spike towards a fresh yearly high of $15.57 on Sunday before returning to near $11.

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  • NANO/USD spiked towards a new yearly high of $15.57 
  • NANO was trading at $11.70, up 6.46% in the last 24 hours and 99.46% weekly
  • Selected among leading energy-efficient cryptocurrencies of 2021 

NANO/USD spiked towards a new yearly high of $15.57 but it finished the Sunday session near the mid-$11 level. The upside rally which started after the rebound-off the MA 50 Support at $5.23 could take a breather in the near term as the momentum indicators are at overbought levels with the daily RSI edging south below the 87 levels. As of press time, NANO traded at $11.70, up 6.46% in the last 24 hours and 99.46% weekly.

Selected Among Leading Energy-Efficient Cryptocurrencies of 2021

Nano claims to be the Digital Money for the modern world. The NANO ecosystem keeps enjoying enormous development community support amid a push for collective innovation. On April 6, Nano announced its selection as one of the leading energy-efficient cryptocurrencies of 2021. It has a present market cap of $1.55 billion and $2.4 billion in trade volume over the last 24 hours.

NANO Daily Chart: Bullish

NANO Price Analysis
NANO/USD Daily Chart

NANO started a strong increase after its rebound off the MA 50 ($5.23) on April 16. After a strong bullish rally to highs of $15.57, the price is returning lower after trading near the previous February barrier of $8.32 during Sunday trading. Immediate support for further downside movement remains at the prior day’s low at $8.65 ahead of the February barrier of $8.32.

More declines could open the door for the $6.62 levels and the MA 50 at $5.23. Below the MA 50, support awaits at $4.05 and $3 levels. In the opposite scenario, a jump above the current levels at $11.60 could clear the path for a retest of the $15.57. A rally above this level could rest near the $20 psychological level. A further climb beyond $20 may set the stage for a retest of the Jan 2018 all-time highs at $37.62.

NANO/USD 4-Hour Chart: Ranging

NANO Price Analysis chart
NANO/USD 4-Hour Chart

NANO surged above the $15 level in early Sunday’s trading, extending a strong recovery from the MA 200 at $5.59 (Apr. 16 low). However, the resistance towards the $15 level was held, and after two failed attempts of breaching this resistance, NANO/USD started to decline. By the end of Sunday’s trading, NANO’s decline was heading down to the $11 level. In the case of the $11 providing enough support for the pair to recover, it could once again test the resistance at $13.06 ahead of the $15.57 high. A move beyond this level could propel the price towards $18 and $20.

On the other hand, a decline beneath $11 could meet support at $10.26 ahead of the $9.42 and $8.86 levels. Slightly beneath this is the $8.48 support, which the market was unable to break over the last sessions. Lower beneath, NANO price could rest around the MA 50 ($7.08), ahead of the MA 200 at $5.91 where a subsequent rebound might happen.
To summarize, NANO/USD is expected to remain under pressure in the meantime if it manages to close clearly below the $8.48 level while buying appetite could resume above $12.95 to retest $15.57 once again.

Key Levels
Resistance Levels: $15.65, $13.61, $11.84
Support Levels: $10.26, $8.50, $6.50

Image Credit: Tradingview

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tomiwabold Olajide

Tomiwabold is a currency trader and cryptocurrency analyst. A technical analyst, as well as an experienced fund manager, he has also co-authored several books on Forex trading. Tomiwabold pays great attention to cryptocurrency research, conducting a comprehensive price analysis and exchanging predictions of estimated market trends. He studied at the University of Lagos, Lagos.

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