Nano price declined sharply and traded below the $8.00 and $6.00 levels against the US dollar. NANO/USD remains at a risk of more losses as long as it is below $6.00.
Key Talking Points
- Nano price declined further and broke a major support area near $6.00 against the US dollar.
- There is a crucial bearish trend line forming with resistance at $6.00 on the 1-month chart of the NANO/USD pair.
- The pair has to move above the $6.00 and $6.50 resistance levels to start a recovery.
Nano Price Forecast
There was no major recovery in Nano price above the $8.00 level against the US dollar. The NANO/USD pair declined further and it broke many supports on the way down such as $6.50 and $6.00.
It even settled below the $6.00 pivot level and traded close to the $5.00 level. Later, an upside wave was initiated and the price moved above the $5.25 level. It also traded above the 23.6% Fib retracement level of the last decline from the $6.50 high to $5.00 swing low.
However, there are many barriers on the upside for buyers near the $6.00 level. More importantly, there is a crucial bearish trend line forming with resistance at $6.00 on the 1-month chart of the NANO/USD pair.
An intermediate resistance is near the 61.8% Fib retracement level of the last decline from the $6.50 high to $5.00 swing low. Should the price succeed in moving above $6.00, the next major barrier awaits near $6.50.
A proper close above the $6.00 and $6.50 resistance levels is needed to kick start a substantial recovery. Above $6.50, the price could move towards the $8.00 pivot level.
On the flip side, if the price fails to move above the $6.00 and $6.50 resistance levels, it could slide back towards the $5.00 level. The overall price structure is still bearish for Nano and any major recoveries towards $6.50 can be considered as a selling opportunity until there is a daily close above $6.50.
Trade safe traders and do not overtrade!
