cool hit counter Coin Satoshi Morning: NANO market analysis, NANO up 63% on the week, can it be on a record run after a small pullback?_Intefrankly

Coin Satoshi Morning: NANO market analysis, NANO up 63% on the week, can it be on a record run after a small pullback?


The Nano has seen its price drop 8.76% in the last 24 hours of trading - however, this comes after the cryptocurrency has seen its price jump 63% in the last seven trading days. Nano is currently trading at $3.10 and has gained 46% in price in the last 30 trading days.

Nano is a payment-based cryptocurrency that was rebranded by RaiBlocks in January 2018. It was founded by Colin LeMahieu in 2015 and renamed to a more mainstream appeal.

Cryptocurrencies offer zero-fee, trustless and instant transaction protocols that maintain the security provided by the blockchain. However, it doesn't use the blockchain like most cryptocurrencies do. In contrast, the Nano ecosystem runs through a DAG, where all transactions are directly interconnected. Each Nano wallet has its own private blockchain.

Combining these two factors, the Nano network can be highly scalable relative to other parts of the cryptocurrency market.

On August 18, 2018, the Nano team stress-tested the network and reported 750 transactions per second (TPS) from the test. TPS has been one of the focal topics of the scalability debate.

At this moment in time, Bitcoin can only handle 7 TPS while Ether can only handle about 20 TPS. These numbers are far below the number of TPS needed for cryptocurrencies to become mainstream. This was highlighted in December 2018 when transaction fees spiked due to high demand and a backlog of online transactions.

Nano has created a system that can correct scalability issues, but only time will determine which is the best option.

In terms of overall market cap for the industry as a whole, Nano currently ranks 26th. Since the token's price has dropped 26% in the last 90 trading days, it has a total market cap of $412 million.

Let's move on to analyze the Nano's price behavior during its short life cycle.

NANO Price Analysis

NANO / USD - Long Term - Daily Charts

Analyzing the price action from the long-term perspective above, we can immediately see that the trading year is not great for Nano. The price action began to perform well when it started from a low of $6.15 on February 21, 2018 and extended to an all-time high of $17.64 on March 1, 2018, rising 186% from low to high price. However, the price action could not be sustained at these highs and continued to roll over.

Price action was down throughout March 2018 until April 2018 when it experienced a small rebound with a small support at $5. Price action continued to fall in May, June and July 2018 until long-term downside support at the 1.272 Fibonacci extension level, priced at $1.03. This support proved strong as the market rebounded from this level.

Let's continue to analyze the price action in the short term to highlight any potential support and resistance areas.

NANO / USD - Short-term - Daily Charts

Analyzing the price action from the short-term perspective above, we can see that the recent bullish action met resistance in the short-term 1.618 Fibonacci extension level (plotted in blue), priced at $3.81. The market has since declined and is now trading at support marked by the 100-day SMA and the 1.272 Fibonacci extension level.

If price action can hold above $3.16 and continue higher, we expect immediate resistance at the 1.618 Fibonacci extension at $3.81. Further resistance is expected to lie above this level in the bearish .382 Fibonacci retracement level (plotted in red), priced at $4.64.

That Fibonacci retracement was from the high of $10.86 on May 4, 2018 to the recent low of $0.74 witnessed on August 14, 2018. If the market can continue higher, resistance is expected at the .5 and .618 Fibonacci retracement prices of $5.58 and $7.02, respectively.

Alternatively, if the shorts enter the market again and push price action below $3.16, we expect immediate support to lie at the psychological round number level of $3.00. This support price is supported by the high closing levels of July 2018 (where previous resistance is now support). Further support below this level is expected at $2.50, followed by $2.00.

Technical indicators in the market are currently heavily skewed to the long side. On August 15, 2018, the RSI broke above the 50-day line and continued to rise to overbought status. This suggests that the previous bearish momentum within the market has subsided and that the bulls are now beginning to regain control.

Similarly, with the 7-day EMA breaking the 21-day EMA, the moving averages show a bias towards the long side. As long as the 7-day EMA does not return below the 21-day EMA, then we can expect bullish pressure within the market to continue.

Let's quickly continue our analysis of long-term price behavior relative to BTC and highlight any potential areas of support and resistance.

NANO / BTC - Long Term - Daily Charts

Analyzing the market from the above perspective, we can see that Nano has been against BTC all year. It recently gained strong support at the long-term downside 1.618 Fibonacci extension level, priced at 1,246 SATS.

Price action continues to bounce off this support level and is currently supporting the 1.272 Fibonacci extension level located at the support level 100-day moving average after the price of 4,390 SATS.

In the recent rally, we can also see strong resistance in the price action on a bearish .382 Fibonacci retracement level at 5,016 SATS and slightly higher.

If bullish momentum can continue to drive price action above 5,016 SATS again, we expect immediate resistance at the .5 Fibonacci retracement level priced at 6,163 SATS, followed by the .618 Fibonacci retracement level priced at 7,309 SATS.

Alternatively, expect any bearish pressure to be supported by the downside support 1.272 Fibonacci extension at 4,390 SATS, followed by 4,000 SATS and finally the downside 1.414 Fibonacci extension, priced at 3,100 SATS.


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