NANO is showing signs of strength by bouncing at a prolonged-term support field and bresimilarg out from a downward resistance line later.
NANO has been weakening afterward spreading to an all-time strong cost of $17 on May 13. The descending changement has led to a low of $1.91 on Jan 24 (green icon).
The low served to verify the $2 range as support. The range acted as resistance in May 2019 and has now seemingly turned to support again.
Measuring from the all-time excessive, NANO has decreased by 86.71%.
Ongoing NANO breakout
The daily chart is showing several signs of strength.
Firstly, there is a very serious bullish divergence which has developed in the MACD. Such occurrences are often followed by bullish trend turnarounds.
Secondly, NANO has broken out from a plunging resistance line, which had previously been active afterward Oct 30.
The main resistance field is at $4. It is created by the 0.382 Fib retracement resistance level and coincides with another sliding resistance line (dashed), which has been active afterward Sept 6.
Wave count analysis
Cryptocurrency trader @ewfib tweeted a chart of NANO, stating which the cryptocurrency perhaps have concluded its correction.
Measuring from the March 2020 low, it does seem which NANO has finished a five wave ascending progressment (white), that led to the all-time excessive cost.
Since then, the cost has been correcting in what looks like an A-B-C corrective structure.
After all, wave C is only 0.382 times the length of wave A, which is unfrequently short. Yet, it is inclined which the reason for this is the lengthy upper wick, which captured the all-time strong.
Nevertheless, the extremely short length of wave C makes it likely which the correction is not yet complete. This further fits with the rate action, afterward NANO has yet to break out from its second falling resistance line or the $4 resistance field.
Therefore, until it is successful in doing so, the correction cannot yet be advised complete.
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