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- NANO price is currently trading with a downside momentum and can hit a low of $3 shortly.
- Technical indicators for NANO suggest a bearish momentum for upcoming days. In contrast, the NANO/BTC pair is trading with a low of 2.78%.
NANO coin is currently ranked 97th in the CMC with a market capitalization of more than $547,453,112. The volume of the coin has also seen a decrease of 24% in the last 24 hours. The volume to the market capitalization of the NANO suggests a downtrend for upcoming days.
Why Invest In NANO Coin?
NANO coin was rebranded from Rail blocks and launched in July 2018 with better speed and simplicity. It is a lightweight cryptocurrency that is made to facilitate secure, and practically instant payments, without fees. It also deals with some of the major limitations of legacy financial infrastructure in many modern cryptocurrencies. Unlike other cryptocurrencies which use Proof of Work, NANO uses a system known as Open Representative Voting (ORV). It sees that account holders vote for their chosen representative, who then works to confirm blocks of transactions securely. NANO coin is currently trading in a downtrend but can soon revert to the bull trend. One can invest in NANO as per their risk appetite.
Technical Indicator Suggests A Downtrend For NANO Coin Price
The weekly technical chart of the NANO suggests a downtrend in price. Coming to the daily chart, NANO price is below 100 and 50 Daily Moving average and has seen a negative crossover in the past. The 50 MA line is near $5.6, making it a temporary hostile region for the coin. Resistance for the NANO on the upside can be observed near $8. On the downside, support in the price can be found near $3. There is a formation of an accumulation zone on the daily chart. The price can observe a downside momentum on the daily chart. NANO/BTC pair can also observe an uptrend in the upcoming days.
RSI (Bearish): The RSI for the asset is currently near the value of 35.9 showcasing its presence in the neutral zone. There is negative slope formation, highlighting that price can see a downtrend in the future
Conclusion
NANO coin price is currently in a downtrend and can see a downside momentum in the future. It might push the price below $3 in the future. NANO/BTC pairs can also see an upside momentum in the upcoming weeks.
Technical Levels
Major Support:$3
Major Resistance:$8
