Nano being ranked #112 is currently being traded at the rate of $4.68 with quite a huge fall in 24h which is around 16.34%. The fall came after the Btc dropped hard within the last few days and showed weakness to break the resistance of $47k and now has retraced back to $43k.
Market has been in a weekly and daily bearish correction currently. The price was making higher highs and higher lows completing 1 to 2 Elliot wave. a possible complex pullback was expecting which is currently being unfolded.
As shown in the last article on Nano’s movement on StocksTelegraph (which you can find here). The price has moved according to the prediction to reach the zones of $5.518 and $$4.5361.
Key S and R
Talking about the key Supports and resistances. the levels of $3.035 and $0.980 are worth noticing for supports. These level will very likely to act as a barrier for the price to break.
Levels to watch
Now the areas of $9.477 to $8.919 and $12.572 to $12.191 are very special areas of resistance which can stop price to rally up.
The trendline which was being respected by the price from 21 July to 6 September but recently price didn’t held it and broke to the downside. After this the price went into consolidation zone which was eventually broken to the down side after the drop in Bitcoin. The price showed a break of structure (as shown in the chart) which was a confluence that market can drop again from that range and it happened. A daily candle close can give us more insight how the price may unfold in the future. Moreover, the Wyckoff distribution seems to have been completed.
Now before the consolidation, a very impulsive institutional candle formed making this pattern a drop base drop i.e a pattern of supply and demand.
It is very likely for price to push down taking out trendline liquidity which kept forming along with the impulsive move to the upside.
Long Run
In the long run, Nano holds a very promising future. Traders are expecting the price to recover when the market gets out of bearish movements and expect it to break its All Time High. According to Wallet Investor the price can reach around $26 around 2026 but most traders think that it can a value of much more.
