Nano price failed to recover above $12.00 recently and declined against the US dollar. XRB/USD is currently consolidating in a range above the $8.00 support.
Key Talking Points
Nano price corrected higher recently, but it failed to break the $12.00 resistance against the US dollar.
There is a major contracting triangle pattern forming with resistance at $9.00 on the 1-month chart of the XRB/USD pair.
The pair may soon make the next move either above $9.00 or below $8.00 in the near term.
Nano Price Forecast
There was no major recovery in Nano price this past week from the $7.50 swing low against the US dollar. The XRB/USD pair traded a few points higher, but it failed to move above the $10.50 and $12.00 resistance levels.
There was a range pattern initiated and the price started consolidating above the $8.00 support. It recently broke a connecting bearish trend line on the 1-month chart at $8.50. However, there was no major upside move as the price failed to move above $9.00.
The pair even struggled to move above the 23.6% Fib retracement level of the last decline from the $20.20 high to $6.95 low. At the moment, it seems like there is a major contracting triangle pattern forming with resistance at $9.00 on the 1-month chart of the XRB/USD pair.
The pair may soon make the next move and break the triangle to trade above $9.00 or below $8.00. Below the mentioned $8.00 support, the price could test the $7.00 support.
On the upside, the price has to settle above $9.00 to gain upside momentum. However, there are many resistances on the upside near $10.50. The most important resistance is near $12.00, which has prevented gains on many occasions.
Moreover, the 50% Fib retracement level of the last decline from the $20.20 high to $6.95 low might also act as a major resistance. The overall price structure is neutral as long as the price is above $8.00.