- Nano Coin broke the descending parallel channel, and found a pole and flag formation during an uptrend.
- Nano Coin investors are targeting the $5.0 level as per the price forecast in the next few weeks.
- The XNO price is approaching the 100-day moving average in the day time frame.
Nano Coin outlook appears to be in bullish territory after facing a retracement phase from the all-time high of $17.406. Since then XNO’s price action has been driving consolidation downwards. Recently, the bulls managed to break above the descending parallel channel before short-covering.
On 16 March, the bears allowed buyers to take control of the Nano coin price movement, which resulted in the coin breaking out of the parallel channel (white) and seeing an uptick of about 35% in a single day. Furthermore, on the hourly time frame, the XNO coin is following a bullish trend.
At the time of writing, the XNO coin is up 4.31% to $2.43 during a bullish momentum. Despite the bullish trend, the weekly price is still below the previous weekly candle. Furthermore, the XNO/BTC pair is trading at 0.00005474 Satoshis, which is up by 3.50%.
During the breakout of the parallel channel, XNO witnessed a highly liquid trading session, followed by a gradual decline in volatility. However, over the past night, XNO Coin gained about 347% of the trading volume. Meanwhile, the ratio of market capitalization to volume is 0.3165.
How can the coin reach $5.0?
The 100-day moving average is acting as a significant bullish barrier for XNO buyers. The bulls are still expecting a bullish move above the 20 and 50 EMAs on the daily price chart.
Daily RSI is at 64-mark, it is looking bullish to acquire overbought areas. In addition, the semi-line (50-point), can act as a support.
Conclusion
After noticing the pole and flag pattern, XNO holders can keep the coin’s value higher for stronger ROI. Still, the bulls need to manage the Nano coin above the 100-EMA.
Support level – $1.60and $1.0
Resistance level – $3.0and $5.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.