It's been a while! This thing has truly gotten hammered, but even upon the breakdown of the long term 12K sat support, Nano did not drop by more than 20% or so against Bitcoin. Sure, it's back to the $1 level, but it has been near or around that level for an entire year! Despite this, all I see is vocal capitulation for this coin. People keep saying it's dead...yet I also see tons of promising development and exposure. The community has been taking marketing to the next level, and I'm actually pretty impressed. It still has a large social media presence and following, despite its relatively low market cap. This leads me to believe that it is undervalued when compared with other assets in the space.
Memes are real in this market. Nano has always been a better option than Bitcoin for payments (and currently the fastest coin in the market), but it trades at low volume and isn't available at many exchanges, particularly in the U.S. I've held Nano since the end of 2017, but bought most of mine between $0.80 and $2. Time will tell if it was worthwhile.
In terms of this setup...it seems like it keeps getting bought in the 950-1000 area. The weekly ultimate oscillator, RSI, and stoch are all at rock bottom while they are painting a potential bullish divergence on the daily timeframe. Meanwhile, we're actually BELOW the wedges we were trapped in for many months. I think those trendlines could still serve as important pivot areas. If one were to buy here, I think we could target the wedge support (1220 area) and then the wedge resistance (1500 zone). Both of those areas are extremely important for Nano. If it can breach both, we can look at much higher targets, like 2100 or above. Let's start small though. Stop loss would be below 900, perhaps.
Can Nano do it? Let's see.
This is not financial advice!
-Victor Cobra
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First target hit at previous wedge support. That candle took us briefly above it for a massive 40% move in seconds. Someone evidently decided to buy a large amount. Nano will need to break this resistance zone if it's going to continue up towards the high 1500 area (next resistance). The 1300 will be very challenging for Nano to break, since that aligns with the capitulation zone from last August.
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As mentioned in the below comments, I made a small entry at 1048 the other day after the initial retrace. The market buy that initiated this rally was someone scooping up roughly 4% of the entire Nano supply. I made the assumption that this was enough for an organic price increase to follow. So far, so good. It's possible we can reach the top of the wedge (around 1530 at the present time). If you were in this trade for the short term only, congrats on the gains : )
Trade closed: target reached
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Closed 25% of position for now at 35% profit. 2nd target zone reached (close to 1500). Decent sized pullback. Redistributed to other positions.
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The profit was taken and added to ONT at 1051.
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Took short term ONT back into NANO (ONT rose 5% while Nano stayed still). Done trading for now.
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Looks like that high 1400 area was too tough for Nano to crack, and we failed again at the prior wedge resistance. We have to see if we can find support at the broken trendline (1220 area).
They say not to get emotional about any coin but I'd been turned on by this coin since before learning that rule. That explosive run last August told me some feel the same and are either trying to accumulate because they love it or fear it and as the fastest coin with zero fees, they should!...IMO I have yet to see the new marketing but I'll check it out. It's a top 50 coin on CMC so I don't feel like it will die (naturally anyway) Hell, Charlie Lee even HODL's some. Bet he holds more Nano than LTC after dumping on us. I personally HODL a good amount and trade it when the volume comes which is dangerous cuz some Nano whale/s seems to be running things & it aint me. Lol Thanks, great post!
VictorCobra
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@yankecwby, Well said! Thanks for your perspective :)
xau327
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It's sad because we can stay at this dead range for a long time yet... let's see EOY if something happens...
VictorCobra
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@xau327, Yeah, it's pretty much only believers/bagholders (whatever you want to call us) who are still invested in this project. It doesn't ever have to go up in value, but I'm interested to see if the market decides that it's undervalued. I'm curious to see what the trigger would be. A lot of eyes are on Nano, since it's well known on Reddit and Twitter. There are plenty of coins from 2017 that no one talks about anymore, but Nano is mentioned quite a lot.
xau327
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@VictorCobra, I'm curious about this too, and I think one of the triggers might be new exchange listings like kraken that people are already making rumours of it...
cryptofriendlyfutureandbeyond
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Another excellent post!
yankecwby
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I'm not trading my Nano....with this volatility it's too hard to read. There's some pretty mean and unpredictable whales. Are you trading it yo?
VictorCobra
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@yankecwby, I just entered a small position at 1048. I'm managing a small crypto account for a friend, and decided to get him some at that price. Haven't traded any of my own stack in a while though. Last time was selling 10% at 3400 for more VET. VET tanked less since then so I guess it was sort of a good move hahaha.