Nano—a Proof of Work based open-source, the decentralized platform is working towards eliminating all the inefficiencies in the present crypto trading and network. Every node of the platform aims at complete decentralization and ease of accessibility for the networkers.
However, with the recent market corrections observed at the onset of the month, the Nano coin is facing the same dearth of momentum with a bearish crossover and lack of support in the daily movement against the US Dollar. Nano, after drawing an uptrend until the mid of June 2020, reclaimed yearly highs around $1.45 in the previous month.
NANO Price Analysis
At the time of penning down this analysis, the price of Nano was spotted at $0.810 with a complete negative bias. In this regard, the currency has waived off the farfetched gains and breaches the 20-day lower Bollinger Band. Moreover, on the 24-hour chart, NANO/USD is drawing a higher high pattern, which led to breaching the yearly resistance above $1 and hit beyond the 20-day upper Bollinger Band. The Bollinger Bands widen, and therefore, we confirm the near-term volatility.
After a long bearish candle pullback on the above chart, NANO/USD has lost support from 50-day & 200-day daily MA after a gradual dip from $1.05 & $0.85 price area. Moreover, the currency has enough potential as known from the strengthening over the past five months from the YTD low of $0.25 to gain as high as $1.45 by over 450%.
However, the current pullback has recorded a dip of over 40% in less than two weeks from the YTD high to the weekly low marked at $0.75. With lack of traction, the MACD chart of Nano holds a bearish divergence, and the RSI slashes towards the support area due to lack of demand of one of the top 100 cryptos; lies at 33.84.