Bitcoin
BTC$61 250.62

-2.84%

Ethereum
ETH$4 042.30

-2.55%

Binance Coin
BNB$482.49

0.74%

Cardano
ADA$2.16

-0.54%

Tether
USDT$1.000245

0.03%

Solana
SOL$204.24

0.80%

Nano Rejected at the Predicted Resistance Line


Our previous Nano (NANO) price prediction worked like a charm, except that the price has reached the foretold resistance level at $1.4 a few days earlier than presumed.

1-day NANO/USDT chart

NANO came across some very strong opposition from the bears at $1.4, who managed to extinguish the bullish drive quite effectively by pushing the price from $1.44 to $1.3. After stopping the buyers in their tracks, the sellers went on to drive the price below the interim resistance at $1.21, thus showing that they won’t tolerate the price above $1.4 at this junction.  

The daily chart also reveals a sharp drop of trading volume on the back of price depreciation, which is one of the main prerequisites for a retracement, the depth of which will depend on how NANO behaves near the mentioned interim resistance. If the current daily candle closes below the previous one - at least near $1.226 - the price could drop as low as $1.152, which would still constitute a healthy retracement. At this point, traders must begin looking for reversal signals while having the stop-loss placed either in the area between $1.09 and $1.152 or below $1.09, depending on the time when one has entered the trade and the level of risk tolerance.

NANO remains high above the 200-period moving average, which reversed when the price had broken the resistance at $0.89 and began heading upward, thus confirming that the altcoin is now in the state of the uptrend. Therefore, traders must be focused more on finding a good entry point when the retracement runs its course while maintaining proper risk management. Given that the bullish sentiment is currently dominating the cryptocurrency market, the probability of resistance breakout is reasonably high, so shorting NANO in the medium term would be a very risking endeavor, although traders could make some profit on the expected pullback.

The MACD indicator also remains significantly bullish, as it presently stays right in the middle of the neutral zone, hence signaling that Nano retains plenty of upside potential that will most likely result in another strong bullish impulse. 

To summarize, we reckon that over the next five to seven days, the price action will take place within the confines of the bullish pennant pattern that shows a high probability of breaking the resistance at $1.4 to the upside.

Battling the strong resistance against Bitcoin


Things also appear rather bullish on the daily time frame of the NANO/BTC market as the price made a powerful push from the 200 MA that coincides with the price level at 9000 satoshis.

1-day NANO/BTC chart

Similar to the USDT market, NANO’s bullish strive has been put out by the bearish pressure at 1095 sats, which is literally the strongest magnetic point for the period since June 2019. Judging from the size of the bullish volume that fueled the impulse, and the fact that MACD is entering the bullish zone, we predict the ultimate breakout to 1200 satoshis, possibly after some retracement.

Author: Alex Paulson for Crypto-Rating.com

Related

Nano (NANO) Faces a Long Consolidation
Nano (NANO) Faces a Long Consolidation
Nano Flashes One Bullish Signal After Another
Nano Flashes One Bullish Signal After Another
NANO Sits at a Crucial Junction
NANO Sits at a Crucial Junction
Nano (NANO) Shows Confident Moves
Nano (NANO) Shows Confident Moves

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 66% 76 $61 250.62 -2.84% -0.77% $1 154 674 094 562 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 70.8% 57 $4 042.30 -2.55% 5.39% $477 150 448 535 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 69.2% 60 $482.49 0.74% 2.70% $80 480 315 639 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 91.2% 12 $2.16 -0.54% -2.20% $71 185 024 084 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000245 0.03% 0.09% $69 591 162 791 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 70.8% 55 $204.24 0.80% 29.17% $61 440 079 262 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 72.8% 51 $1.096102 -0.97% -3.88% $51 457 996 304 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 60% 79 $44.55 -0.99% 2.11% $43 999 075 422 DOT 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 69.2% 56 $0.246907 0.64% 4.09% $32 542 542 435 DOGE 7 days price change
10 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000313 0.06% 0.09% $32 442 834 043 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 69.6% 65 $43.44 5.78% 17.86% $17 443 010 900 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 74% 47 $25.79 -2.88% -0.74% $15 775 566 720 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 65 $66.57 4.10% 17.36% $14 663 644 845 AVAX 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 61.6% 75 $61 265.73 -2.87% -0.84% $13 545 425 709 WBTC 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 72.8% 50 $29.07 -0.32% 7.40% $13 401 075 815 LINK 7 days price change

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