Nano is correcting after a wild 12 days of bullish activity that saw the asset springboard more than 340% off the bottom after a six-month long decline. Nano’s 24-hour trading volumes increased dramatically during the frenzied uptrend - from $10 million to $100 million - the highest levels we’ve seen for this asset since March.
On August 14, Nano started a sudden rally after the price found support along the 1,275 Sats level, allowing it to claw back losses endured over July and early August. Cryptovest recently reported on this sporadic reversal, finding evidence to support claims that the initial bull run could have been triggered by a pump group on social media. In the absence of any obvious significant updates, other than the new 15.2 node update which decreases voting traffic, this is looking like a plausible explanation.
Looking at the 3hr NANO/BTC chart today we can see that NANO was tracking inside a long drawn out descending wedge pattern since mid-February, finally finding the bottom only recently at 1,275 Sats. From there explosive support was ab...
This article appeared first on Cryptovest