Nano price recovered and moved above $10.00 against the US dollar. NANO/USD must break the $12.00 resistance to gain upside momentum.
Key Talking Points
- Nano price corrected higher and it was able to settle above $10.00 against the US dollar.
- There is a key bearish trend line forming with resistance at $12.00 on the 1-month chart of the NANO/USD pair.
- A break and close above the trend line resistance at $12.00 is needed for further gains.
Nano Price Forecast
There was a slight increase in the bearish pressure on Nano price below $10.00 against the US dollar. There was a false spiked noted and the NANO/USD pair was able to recover back above $10.00.
The pair is now trading comfortably above the stated $10.00 level with a few positive signs. However, the price is facing a major hurdle on the upside around the $12.00 level. It seems like the price is struggling to settle above the 38.2% Fib retracement level of the last major decline from the $17.20 swing high to $8.20 swing low.
Moreover, there is a key bearish trend line forming with resistance at $12.00 on the 1-month chart of the NANO/USD pair. Therefore, a break and close above the $12.00 is must for the current wave extension.
On the upside, above $12.00, the next resistance is around the 50% Fib retracement level of the last major decline from the $17.20 swing high to $8.20 swing low.
The current price action is positive as long as NANO is above $10.00. It may perhaps break the $12.00 resistance to gain traction. On the flip side, if the price fails to move past $12.00, there could be a downside reaction.
On the downside, the $10.00 support must hold. A break below the $10.00 level may open the doors for $8.00, which is the next major support.
To sum up, there are two key levels – $10.00 and $12.00 (support and resistance levels). A break on the either side could trigger the next move towards $15.00 or $8.00.
Trade safe traders and do not overtrade!