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Can Nano Price XRB Gain Upside Momentum?

Nano Raiblocks

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.

Can Nano Price XRB Gain Upside Momentum?

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.

Trade safe traders and do not overtrade!

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets
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