Nano price made a nice upside move recently and traded towards $16.00 against the US dollar. NANO/USD is currently correcting lower and it could retest the $10.00 level.
Key Talking Points
- Nano price started trading higher this past week and moved above $12.00 against the US dollar.
- There was a break above a connecting bearish trend line with resistance at $8.20 on the 1-month chart of the NANO/USD pair.
- The pair is currently correcting lower and it may perhaps retest the $10.00 level in the near term.
Nano Price Forecast
This past week was mostly bullish for Nano price from the $7.60 swing low against the US dollar. The NANO/USD pair started an upside move and traded above a few important resistance levels such as $10.00 and $12.00.
More importantly, there was a break above a connecting bearish trend line with resistance at $8.20 on the 1-month chart of the NANO/USD pair. The pair even broke the $14.00 level and traded towards the $16.00 level.
However, the upside move was protected by another bearish trend line with current resistance at $15.80. The pair started a downside move and traded below the 23.6% Fib retracement level of the last wave from the $7.50 swing low to $16.10 high.
It seems like the pair may correct further towards the $10.00 level. The mentioned $10.00 level was a resistance earlier, and now it may act as a support and buy zone. An intermediate support is around the 50% Fib retracement level of the last wave from the $7.50 swing low to $16.10 high.
Therefore, if the price continues to move down, it could find a strong buying interest near $10.00. Below the mentioned $10.00, the price could move down further towards the $8.00 level.
On the upside, it won’t be easy for buyers to break the trend line resistance at $15.80. Before $15.80, the $14.00 level is also a key resistance.
The overall price action is stable as long as the price is above $10.00.
Trade safe traders and do not overtrade!
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