In the cryptocurrency world, the market momentum can turn in either direction fairly quickly. For altcoins, things have not gone according to plan in the first two days of the week. Thankfully, it seems things are heading in the right direction again. In the case of Nano, for example, there is a net gain which pushed the value above $1.2 again after an extended downtrend.
Nano Price Starts Moving up Again
For those who mainly focus on altcoins and tokens, things have not been all that great throughout most of 2018. It is uncanny how so many markets rely on Bitcoin’s momentum first and foremost. Nano is usually no exception in this regard, which would also explain the altcoin’s most recent downtrend. After facing some uphill battles, it seems the altcoin is finally making its return to $1.2 again in spectacular fashion.
Over the past 24 hours, there has been a notable Nano price uptrend in both USD and BTC value alike. The 16% gain in USD value primarily happened due to Nano gaining 1% in BTC value. This is a pretty interesting development, all things considered, primarily because there is still a lot of bearish pressure on all markets right now. As such it seems unlikely Nano will retain this price level for an extended period of time.
There is a good reason as to why the Nano price is going up right now. More specifically, the altcoin has received a nod of approval from Binance CEO Changpeng Zhao. He is confident Nano, along with all other coins mentioned in his tweet, are effectively worth keeping an eye on. When exchange operators show some favoritism, things are getting into very odd territory first and foremost
Despite the rough seas out there, builders are building. New releases on GitHub today from:
(This is more than the usual we see from GitHub). Kudos!
— CZ Binance (@cz_binance) November 21, 2018
The recent Bitcoin Cahs hash war has also pissed off a lot of people, for obvious reasons. IWANTTOSEETHEWORLD is done with currencies which have a mining aspect that can lead to decentralization and skewed decisions by developers. He is now going all in on currencies without mining aspect, including Nano, XRP, and TRX. An interesting idea, although it remains to be seen if this is a smart choice in the long run.
The owners/developers of mines/ mined coins are on the same plane as the privately own federal govt and all its prvt owned cntrl banks. They have the key to drop the value of any mined coin. Thats Not Satoshi's vision. Give me a non-mined coin any day. #NANO #XRP #HOLO #TRON
— IWANTTOSEETHEWORLD (@IWANT2CTHEWRLD) November 21, 2018
From a technical point of view, there is some reason to remain bullish about Nano. It seems some technical indicators hint toward the currency surpassing the 29,500 Satoshi mark in the near future. So far, that has not happened yet, but there is plenty of room for further upward momentum. One has to keep in mind these current gains will eventually lead to profit taking as well, which can further halt Nano’s progress.
The high volume bullish RSI divergence seen in the 4H chart indicates scope for a test of the falling trendline, currently at 0.0002705.
Break above that would expose next hurdle of 0.000295. pic.twitter.com/HPbcN9r259
— CoinDesk Markets (@CoinDeskMarkets) November 21, 2018
With all of this information in mind, it remains difficult to predict what the future will hold for the Nano price. Considering how there is a lot of momentum in place already, there may not necessarily be much room for further growth in the near-term. Even so, there is also a lot of bearish pressure, and a retrace for Nano – as well as other currencies – appears to be the most logical outcome.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.