NANO Price Analysis: Reaches Yearly Highs Amid Crypto Market Correction

Amid the widespread cryptomarket declines, Nano (NANO) posted an aggressive spike towards a fresh yearly high of $15.57 on Sunday before returning to near $11.

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  • NANO/USD spiked towards a new yearly high of $15.57 
  • NANO was trading at $11.70, up 6.46% in the last 24 hours and 99.46% weekly
  • Selected among leading energy-efficient cryptocurrencies of 2021 

NANO/USD spiked towards a new yearly high of $15.57 but it finished the Sunday session near the mid-$11 level. The upside rally which started after the rebound-off the MA 50 Support at $5.23 could take a breather in the near term as the momentum indicators are at overbought levels with the daily RSI edging south below the 87 levels. As of press time, NANO traded at $11.70, up 6.46% in the last 24 hours and 99.46% weekly.

Selected Among Leading Energy-Efficient Cryptocurrencies of 2021

Nano claims to be the Digital Money for the modern world. The NANO ecosystem keeps enjoying enormous development community support amid a push for collective innovation. On April 6, Nano announced its selection as one of the leading energy-efficient cryptocurrencies of 2021 by sustainability publication Leafscore. It has a present market cap of $1.55 billion and $2.4 billion in trade volume over the last 24 hours.

NANO Daily Chart: Bullish

NANO/USD Daily Chart

NANO started a strong increase after its rebound off the MA 50 ($5.23) on April 16. After a strong bullish rally to highs of $15.57, the price is returning lower after trading near the previous February barrier of $8.32 during Sunday trading. Immediate support for further downside movement remains at the prior day’s low at $8.65 ahead of the February barrier of $8.32.

More declines could open the door for the $6.62 levels and the MA 50 at $5.23. Below the MA 50, support awaits at $4.05 and $3 levels. In the opposite scenario, a jump above the current levels at $11.60 could clear the path for a retest of the $15.57. A rally above this level could rest near the $20 psychological level. A further climb beyond $20 may set the stage for a retest of the Jan 2018 all-time highs at $37.62.

NANO/USD 4-Hour Chart: Ranging

NANO/USD 4-Hour Chart

NANO surged above the $15 level in early Sunday’s trading, extending a strong recovery from the MA 200 at $5.59 (Apr. 16 low). However, the resistance towards the $15 level was held, and after two failed attempts of breaching this resistance, NANO/USD started to decline. By the end of Sunday’s trading, NANO’s decline was heading down to the $11 level. In the case of the $11 providing enough support for the pair to recover, it could once again test the resistance at $13.06 ahead of the $15.57 high. A move beyond this level could propel the price towards $18 and $20.

On the other hand, a decline beneath $11 could meet support at $10.26 ahead of the $9.42 and $8.86 levels. Slightly beneath this is the $8.48 support, which the market was unable to break over the last sessions. Lower beneath, NANO price could rest around the MA 50 ($7.08), ahead of the MA 200 at $5.91 where a subsequent rebound might happen.
To summarize, NANO/USD is expected to remain under pressure in the meantime if it manages to close clearly below the $8.48 level while buying appetite could resume above $12.95 to retest $15.57 once again.

Key Levels
Resistance Levels: $15.65, $13.61, $11.84
Support Levels: $10.26, $8.50, $6.50

Image Credit: Tradingview

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editorial staff