It’s been very bearish start to May for Nano, with the alt-coin tumbling by as much as -40.51% in 10 days from a peak of $10.44 to its current value of $6.21.
After finding strong bullish support, as it was predicted in the first analysis, the project was able to swell beyond the expectation of my top price target off the back of a NANO token give away on the Binance exchange. While the price surged from this marketed competition, the hype soon died down the next day and quickly kick started this recent decline.
The latest 13.0 Nano Node version update did little in the way of inspiring renewed bullish support after patching wallet issues and other features; leaving the project resting along its base support channel where we found it during the last technical analysis.
But still, at $6.21, this is one of the cheapest prices NANO has been in its history. A return to its all-time high of $37.47 from its current price point would yield a very nice 503.38% ROI.
Let’s recap NANO’s performance from where we last saw it to where it is now, and see if we there’s any signs of recovering to these earlier highs on the horizon.
Chart 1: 15/04/2018
Chart 2: Present Day
Looking at the 2 charts above, we can see that NANO continued to track well against the rising resistance level, until it met strong bearish opposition at the same 8,824 Sats level that had been already unsuccessfully tested during its first opening bull run.
After dipping back below the 0.236 fib level, it took two attempts to break above before going on to to pass above the aforementioned key resistance level at 8,824 Sats.
From there, NANO rested along this level which later acted as a springboard support for the next bullish run once the Binance competition was announced.
Soon after the competition ended, Nano spiralled downward in a series of sell-offs straight to the base support at 7,000 Sats.
At the present time the alt-coin has already breached the channel but was unable to hold clear above 7,500 Sats for long.
Below we can see a potential ascending triangle (green) pattern forming in the most recent price action, which could break out toward the 0.618 fib level/ 8,484 Sats if support returns to the asset soon. This would a deliver a 14.73% ROI from the current price.
Alternatively we could see the price fall below the interior support/resistance level inside the channel at 7,400 Sats and continue sideways (red area), which would collapse the bullish ascending triangle pattern. We would expect the asset to continue inside here between the 0.786 fib level at 7,831 and the base support at 7,000 Sats, until other news arrives or market sentiment improves.
This article appeared first on Cryptovest
