Nano price is under pressure below $20.00 against the US dollar. XRB/USD is trading near a crucial support at $12.00 and remains at a risk of more declines.
Key Talking Points
- Nano price struggled recently to settle above the $20.00 resistance and declined against the US dollar.
- There is a range pattern forming with support at $12.00 and resistance near $20.00 on the 1-month chart of the XRB/USD pair.
- The pair must stay above the $12.00 support area to avoid further slides in the near term.
Nano Price Forecast
Raiblocks was recently rebranded to Nano, but this change failed to help the price above $20.00 against the US dollar. The XRB/USD pair did not gain traction and was not able to break the $20.00 resistance area. It came under renewed selling pressure and declined below the $18.00 support.
At the moment, it seems like there is a range pattern forming with support at $12.00 and resistance near $20.00 on the 1-month chart of the XRB/USD pair. The pair is currently trading around the range support at $12.00, and is struggling to hold the ground.
If the pair fails to stay above the $12.00 support, it could decline further towards the $10.00 level. Any further losses below $10.00 may be very bearish in the short term. In the mentioned scenario, the price might test the $8.00 level.
On the upside, the range resistance at $20.00 is a major barrier for buyers. Nano price struggled a lot of break the stated $20.00 resistance. If buyers succeed in pushing XRB above the $20.00, a new uptrend could initiate. The next major resistance sits around $24.00, followed by the $26.00 level.
Overall, the price may soon break the range and it remains at a risk of more declines below $12.00 in the near term. The technical indicators are pointing an increase in bearish pressure since the price is below $15.00. Buyers need to be careful in the short term and wait for a base to form around $10.00.
Trade safe traders and do not overtrade!
Featured Image SRC: Reddit
