Nano is a crypto token that is used to encourage secure, instant payments, without any sort of fees. Nano coin was founded by ColinLmahieu who had experience in tech industries namely dell, AMD, Qualcomm this project was first introduced in 2014 under the name of raiblocks. users used to complete captcha in order to obtain tokens at first. in January 2018, it was renamed Nano. It is a platform through which users can easily transfer value without relying on centralized mediums. It is designed to be fast doing most transactions within less than a second.

Nano coin is currently being traded at $7.11 with an increase of 14% in the last 24hrs. it is ranked as #99 on coinmarektcap. The trading volume has increased more than 900% in the last 24Hr reaching an immense value of $225,013,834.

Technical analysis:

The market has reversed from a strong bearish trend recently, and buyers now seems to be interested in it. the market recently on 7 August 2021 broke a structural high putting the market in a bullish trend. The momentum day by day seems to be getting strong, as consecutive bigger bullish candles are being printed. The price recently on 22 August pumped quite much breaking previous Higher High indicating a continuation of the trend.

But this definitely doesn’t mean to go long as if we check BTC chart, we are testing a strong zone and the probability for the market to bounce below is a little higher. so as a correlation it can be expected for this market to show some pullback as well. Moreover, the price itself is showing a need to do correction as the impulsive move hasn’t been mitigated even till 61.8 level of fibbonaci.

Chances of a Pullback

Talking about the pullback that where it possibly can be end and where is the best entry to hop in, the support and structures shall be determined. the zone from 5.158 to 4.5361 seems to be a great area for a pullback to end as its a confluence of fibbonaci as well as the structural low. It’s very likely that if it shows pullback, we can expect a new impulsive move to the upside.

Now changing bias and talking about what can possibly be happen if a pullback doesn’t occur. If the market doesn’t shows any signs of reversal and breaks 7.9348, the market is likely to break the resistance zone marking from $8.9400 to $9.5623.

Keeping it mind that as BTC is rejecting its very likely for Nano to pullback at least to the fibonnaci zone.