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The Great NANO Breakout

업데이트됨

It's been a while, Nando. Good to see you. Now, what do we have here? A breakout from a VERY long downtrend channel, followed by consolidation near $1.00. NANO has lagged behind the market a bit, but I have a feeling it's still on many people's radar, considering it has actually held much of its gains from 2017 (still 100x up, which is more than Bitcoin). Many only remember its rise to $37 and then its crash to $0.70.

So, here we are. Nano is poised for very large move to the upside, as long as the rest of the market remains stable, with Bitcoin above 10.5K. NANO has finally reclaimed the 50 day Moving Average (red), while the 9 day EMA is close to crossing above it. If NANO can continue to hold here and break above $1.10, I think it could melt some faces off.

The chart also looks pretty similar to Bitcoin's bull flag before it broke out. On top of that, many alts have already confirmed my theory that they had just been in long bottom accumulation periods, similar to Bitcoin in 2015. If you ignore the giant shakeout from March, which sent Nano as low as $0.25 through a stop-loss cascade, the chart looks pretty healthy, with support generally held above $0.70-0.80. I finally started increasing my NANO position again after March 12th, since it got back above $0.70 fairly quickly. It's still one of my only 2 coins not in profit overall.

Conditions:
1) NANO will need to hold above the 50d MA and allow the 9d EMA to cross above.
2) NANO will need to break $1.10 CONVINCINGLY.

Invalidation:
1) Short term, if NANO breaks below $0.90 and sustains.
2) Greater invalidation if NANO breaks below $0.60.

Let's see! If the breakout occurs, price targets are shown on this chart. It can indeed go as high as $4.50. Just look at what happened to VeChain.

This is not financial advice. This is meant for speculation, entertainment, and education only.

-Victor Cobra

노트

NANO/BTC is now above the 9w EMA and potentially heading to the downtrend again. If it breaks above, it can quickly go to 21k sats.

노트

NANO/USD is moving up nicely since my post. Already 15% up. There's a lot of resistance in this area, but as long as it holds above $1.10 on the weekly, it should be good to head on up towards the $2 resistance level.

노트

Still holding the 9d EMA, so not concerned here unless NANO closes the week well below $1.10

노트

NANO/BTC very close to confirming a breakout on the weekly. Important to watch. A lot of up and down this week, but it seems like some supply is being taken off the table here. Should shoot up fast upon a weekly close near these levels.

노트

NANO/BTC is still having problems, which is unfortunate given the current slide in Bitcoin dominance. If NANO can't find support here and break the downtrend, it's likely to continue its slide out of the top 100. This would be very sad, but as I mentioned, NANO needed to hold above $1.10 and $1.30. It looked promising for a short period, but will look dangerous if it can't bounce here.

노트

It looks slightly better against the USD, holding the 100w MA for now. I believe it'll need to bounce back above $1.10 by the end of the week for more upside potential here.

노트

The daily actually shows that this can be a last buy-in point before a major upward swing, but that's only if current levels generally hold. Indicators look fairly oversold.