1. Binance has become a HOTSPOT for pumping and dumping coins. Just take a look at the few minutes when NANO was listed on Binance. The price went from 70,000 sats to nearly 300,000 sats in the matter of minutes. After that, there were a few more pumps that eventually failed. This is pretty typical for Binance's users. Everyone is excited when a new coin gets listed, but whales ultimately determine the final price.
2. However! For the first time since its listing, we are starting to see somewhat of an uptrend forming on a short/midterm time frame. There aren't enough data points yet to confirm this uptrend on a longer time frame, say 1-2 hours, but this is certainly something to watch out for.
3. Everyone was excited about RaiBlock's rebranding to NANO! That was clearly shown by the rally after the rebrand, as well as the rumors it was to be listed on Binance. I did think an initial dump of this coin was imminent after the Binance listing, but I do not think the coin should have lost 50% of its value. I think the first price drop was due to a dump of the coin, and the second drop was due to Bitcoin's 70% correction. With all this in mind, these may not be rock-bottom prices, but it's definitely something to keep an eye out on if we get confirmation of an uptrend!
As always, be careful. The entire market has been incredibly volatile. There have been 20-30% swings in BITCOIN . Meaning even the cream of the crop with its 100+ billion dollar marketcap is making swings like low-midcap alt coins. NANO may have a short-lived uptrend, or it may rally back to its full value. Either way, it looks like we are on our way to NANO's first uptrend!
For confirmation in the uptrend, we will be looking for the yellow line (55 EMA) to be underneath all the other lines. This will act as a support. When the yellow line crosses over to the top (as seen before this first potential crossover) that will confirm a downtrend.
This strategy is used mostly in swing trading on 2-4 hour time frames, but works just as well on short time frames to confirm up or downtrends. This is all the data we have so far, but it's not looking too bad!