NANO Technical Analysis: Watch Price to Test FIB Level of $11

Nano is a public blockchain platform that charges no fees for digital transactions. It enables financial inclusion and the development of decentralized payment apps for everyday use. It is instant, user-friendly, and eco-friendly. NANO is the native token of this network. The following NANO technical analysis will predict the price dynamics for the next couple of days:

Past Performance

On May 11, 2021, NANO opened at $8.57. On May 17, 2021, NANO closed at $10.07. Thus, in the past week, the NANO price has surged by roughly 18%. In the last 24 hours, NANO has traded between $9.95 $11.49.

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Day-Ahead and Tomorrow

Currently, NANO is trading at $11. It has increased from the day’s opening price of $10.07. Thus, the market seems to be bearish.

Both MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to start declining.

Currently, the RSI indicator is at 28% in the ‘oversold’ region. Thus, selling pressures are very high. Heavy selling activity will push the price downwards. Hence, the RSI indicator is also giving bearish signals like the MACD oscillator.

The A/D indicator has also started falling steadily. Thus, whale distributions are slowly overtaking the whale accumulations. High offloading activity will exert downward pressure on the crypto price. 

In short, all the oscillators have indicated a price decline. We have to wait and watch to see if this is a temporary price pullback or bullish trend reversal.

NANO Technical Analysis

Currently, the price has fallen below the first Fibonacci pivot resistance level of $11.09. It may soon fall below the Fibonacci pivot point of $10.50 as well.

The price has tested and fallen below the 23.6% FIB retracement level of $11.13. It may soon fall below the 38.2% FIB retracement level of $10.90 as well. By day end, if the price retests and breaks out of these levels, then probably the bulls have regained strength. In that case, the price uptrend is expected to continue tomorrow as well.