Nano price started a fresh upside move from the $8.00 swing low against the US dollar. NANO/USD broke the $10.00 and $12.00 resistances to gain traction.
Key talking points
- Nano price made a nice upside move and broke the $12.00 resistance against the US dollar.
- There was a break below a connecting bullish trend line with support at $15.50 recently on the 1-month chart of the NANO/USD pair.
- The pair may correct a few points in the near term towards the $12.00 and $10.00 support levels.
Nano Price Forecast
The past few days were positive for Nano price as it started an upside move from the $8.00 swing low against the US dollar. The NANO/USD pair made good ground and settled above a major resistance at $12.00.
There was a perfect five wave structure formed, which completed near the $17.50 level. The price formed a short-term top and started a downside move towards $15.00. It corrected below the 23.6% Fib retracement level of the last wave from the $11.00 low to $17.50 high.
During the downside, there was a break below a connecting bullish trend line with support at $15.50 recently on the 1-month chart of the NANO/USD pair. The pair is currently trading near the $15.00 level.
However, if the price continues to correct lower, there is a chance that it could retest the $12.00 support level. The stated $12.00 level was a resistance earlier, and now it may act as a support.
An intermediate support is near the 50% Fib retracement level of the last wave from the $11.00 low to $17.50 high. Below the $12.00 support, the most important support and buy zone is near the $10.00 level.
Once the current correction is complete, the price may resume its upside towards the $17.50 level. Above the mentioned $17.50 level, the final target for buyers in the short term could be $20.00.
The overall bias is positive as long as the price is above the $12.00 support.
Trade safe traders and do not overtrade!
