- NANO Coin price is currently trading in a bearish mode and can soon hit a new low. It is trading with a loss of more than 11% in the intraday session
- Technical indicators of NANO suggests a bearish momentum for price in the future. Meanwhile, NANO/BTC pair has seen a loss of more than 9% in the intraday session
Why To Invest In NANO Coin?
NANO coin price is currently observing a downtrend and might hit a low of $4 in future. The asset price is down by more than 11% in the intraday session and is trading near the value of $5.34. NANO coin has an ROI of 58462% which has benefitted various class of investors.
It is a lightweight cryptocurrency which is made to facilitate secure, practically instant payments, with zero fees. It also addresses some of the major limitations of both legacy financial infrastructure, and various modern cryptocurrencies.Its development began in 2014 and was initially named XRB. It uses a unique block lattice data structure for the peer to peer data transfer. One can invest in NANO as per their risk capacity and price action in the asset price.
Technical Indicators Of NANO Coin Price Suggests A Downside Momentum
The weekly technical chart of NANO price highlights a strong downside momentum in price for upcoming days. On the daily time frame the coin price has formed a bearish engulfing pattern which tells that coin price may hit a new low in future. The bullish momentum of NANO might face a hostility near the value of $7.
Meanwhile on the downside trend the support region can be seen near $4. The price of NANO has breached down below the 50 and 100 Moving average. It tells that the price may soon test the lower support.
The 100MA line is near $5.58, making it a temporary bounceback zone for the coin price.. The coin price after correction may observe a breakout above $7. NANO/BTC pair can also observe a breakout from the previous resistance in future.
Conclusion
NANO coin price is currently in a downward momentum and can soon test the lower support in the future. NANO/BTC pair can also observe a new low in the future
Technical Levels
Major Support:$4
Major Resistance:$7