• The crypto's price was ranging above the $1.4000 support level before the bulls made an upward move to retest the $1.80 resistance level.
• The upper price range had been a strong resistance level because it had two false price breakouts.

NANO/USD Long-term Trend: Ranging

• Resistance levels: $2.0000, $2.2000, $2.4000
• Support levels: $1.6000, $1.4000, $1.2000

The NANO/USD pair is in the sideways trend zone. The price of NANO was in a bullish trend in the month of April. In April, the crypto's price was trending above the 12-day EMA. On April 23, the NANO price rose to a high of $1.9461 and was resisted. The NANO market fell and was in a downward correction and price tested the $1.40 support level.

The crypto's price was ranging above the $1.4000 support level before the bulls made an upward move to retest the $1.80 resistance level. Therefore the NANO price now fluctuates between the levels of $1.4000 and $1.8000. The upper price range had been a strong resistance level because it had two false price breakouts.

On the upside, if the bulls failed to break the $1.8000 resistance level, the crypto's price will continue its range bound movement. On May 1, the coin has an opening balance of $1.6048 and a closing price of $1.7253 as at May 31. This indicates that the NANO price has appreciated by 7.5% of its capitalization in the month of May 2019. The stochastic is in the overbought region but below the 40% range which indicates that the price of Nano is in a bearish momentum and a sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.