Nano price declined recently and failed to stay above the $10.00 support against the US dollar. XRB/USD is currently recovering, but there are many resistances on the upside.
Key Talking Points
Nano price declined sharply during the past few days and moved below $10.00 against the US dollar.
There are two bearish trend lines forming with resistance at $10.00 and $16.00 on the 1-month chart of the XRB/USD pair.
The pair must break the $10.00 resistance to gain upside momentum in the near term.
Nano Price Forecast
There was a start to a fresh downside wave in Nano price from well above $16.00 against the US dollar. The XRB/USD pair declined sharply and broke a few important support levels such as $15.00, $12.00 and $10.00.
During the downside move, there was a break below a connecting bullish trend line at $14.00. It opened the doors for more declines and the price even declined below $8.00. It traded towards the $6.00 level and later found some buying interest. It has started an upside correction and is currently trading near $9.20.
On the upside, there are two bearish trend lines forming with resistance at $10.00 and $16.00 on the 1-month chart of the XRB/USD pair. The first trend line is important near $10.00 since the stated level was a support earlier.
A break and close above the $10.00 level and the 38.2% Fib retracement level of the last decline from the $20.00 high to $6.98 low is needed for more gains.
The next major hurdle on the upside is the second bearish trend line at $16.00. Therefore, if the price corrects higher, it is likely to face a lot of resistance on the upside around $10.00 and $16.00.
On the downside, supports are at $8.50 and $8.00. If the price fails to stay above the $8.00 level, then the price could start another decline towards the $6.00 level.