![]() This can kick start a bull run and revive the hope for the investors. Meanwhile, the bulls are looking at the falling wedge as a promising opportunity. The price is trading at an important demand zone and a breakdown can force the price to stall further. The digital asset NANO has fallen under the bear grip and the bulls are struggling to escape from it. Resistance Levels: $0.7251 – Resistance 1 This is a clear indication of a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA. This means the market is missing strength.Ģ00 EMA: As observed, on the 4hr, the price is trading below the 200 EMA(exponential moving average) which acts as a significant resistance. It is barely crossed above the 0 line, but the histogram is representing a low momentum. MACD: The MACD indicator made a bullish crossover. ![]() This is a sign of bullish to sideways market condition. RSI: The RSI indicator is currently at 56.33 and the RSI has crossed the MA line towards the upside. The market is also missing liquidity and this is not a good sign for the bulls. Investors should remain cautious as the price is in downtrend and must stick to strict management. At present, the market structure is hinting at a brief surge towards the 4H, 200 EMA which is a 5% move from here. ![]() This event could give them the confidence to enter the market and change its course. The technical indicators suggest that the market is weak and the sellers can bring down the price any moment.īulls are patiently waiting for the breakout of the descending channel. The low volume represents the absence of major buyers which can be due to doubt and fear. The market is taking a pause from volatility in the short term. This can be characterized by the choppy movements of the candles. On the 4H Chart, the price appears to be consolidating. ![]() Source: NANO/USD KRAKEN price chart TradingView ![]()
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