NANO price broke a short term descending resistance line indicating the beginning of a new uptrend. Both NANO / USD and NANO / BTC pairs are expected to continue moving upwards towards the next closest resistance zones.
NANO Long Term Levels
Despite a significant upward move leading to a significant upward push to $ 5.49 on January 7, 2021, NANO has since fallen below the 0.382 Fib retracement level at $ 4.27. Since the height stated above, NANO has created several long top wicks.
However, as the Stochastic oscillator is showing a bullish trend, technical indicators are still bullish. These signals indicate that the coin will continue to increase.
If so, the next resistance areas are seen at $ 5.52 and $ 6.76 (the 0.5 and 0.618 Fib retracement levels respectively).
Possible NANO price action
The two-hour chart shows that the altcoin is leaving a decreasing resistance line and is currently in the process of validating it as support.
The resistance line now crosses into support, coinciding with the 0.618 Fib retracement level, which raises the probability of a reversal.
Technical indicators are increasing. If the altcoin takes back this zone, it probably confirms that the trend is up.
The wave count indicates that the coin is in an extended bullish wave (shown in white below) that started with the March 2020 lows.
Currently, NANO appears to be completing the lower wave (orange), the fourth wave triangle.
The most likely target for the top of the fifth wave, which will complete the third wave, was found at $ 5.58-5.84. These targets were found using Fib extensions and projections. The target also coincides with the 0.5 Fib retracement level outlined in the first section.
A drop below $ 2.79 below the lower wave nullifies this particular number of waves.
NANO / BTC
Cryptocurrency trader @Apollo_river stated that an upward move to the most recent highs would mean almost 50% returns.
The weekly chart for NANO / BTC shows that despite the significant increase, NANO was rejected by the 12,000 satoshi resistance area for the fourth time.
Altcoin has been trading below this resistance area since November 2019.
Although technical indicators are on the rise, the long-term trend cannot be taken into account until NANO manages to retrace this level.
If successful, which seems likely due to the rise in the indicators, the next area of resistance will be found at 23,300 satoshi (0.618 Fib retracement level).
Both NANO / USD and NANO / BTC pairs are expected to continue their upward movement and reach the next closest resistance zones. These levels are located at $ 5.55 and 23,300 satoshi respectively.