Nano price is stable above the $5.00 support against the US dollar. NANO/USD must break the $6.00 resistance to move towards $7.00.
Key Talking Points
Nano price is forming a decent support base above the $5.00 level against the US dollar.
There was a break above a key bearish trend line with resistance at $5.20 on the 1-month chart of the NANO/USD pair.
The pair is facing a major resistance near the $5.80-6.00 area, which is also a pivot zone.
Nano Price Forecast
There were heavy losses in Nano price from well above $7.00 against the US dollar. The NANO/USD pair declined and traded below the $7.00 and $6.00 support levels to move into a bearish zone.
However, the downside move was later protected by the $5.00 support. The mentioned $5.00 support is significant barrier for sellers and it won’t be easy for them to break it. It seems like a decent support base is forming above the $5.00 level.
Recently, the price traded higher and moved above the $5.15 resistance. There was also a break above a key bearish trend line with resistance at $5.20 on the 1-month chart of the NANO/USD pair.
However, the pair was not able to move past the $5.80 and $6.00 resistance levels. Moreover, there was no close above the 23.6% Fib retracement level of the last decline from the $7.50 high to $5.00 swing low.
There was a slight downside reaction, but the price was able to hold the $5.00 support. It seems like the price is currently trading in a range above the $5.00 level. Once the current consolidation is over, there could be a move towards $5.50 and $5.80.
A break above the $5.80 and $6.00 resistance levels is required for the price to gain upside momentum in the near term. Once there is a close above the $6.00 resistance, there could be an upside break above towards the $7.00 level.
On the downside, the $5.00 support may continue to act as a barrier for sellers and a buy zone for buyers.