• The medium-term outlook is in a bullish trend while the short-term is in a range-bound market.
• Patience is required trading the consolidation.

NANO/USD Medium-term Trend: Bullish

Supply zones: $1.80, $1.90, $2.00
Demand zones: $1.00, $0.80, $0.60

NANO is in a bullish trend in the medium-term outlook. The bears lost momentum at $1.05 in the demand area a pip away from the target at $1.04 predicted in yesterday analysis. The doji formed at the demand area as the market opens today signaled at $1.10 signaled a trend reversal as the bulls gradually returned. Price rose to $1.17 in the supply area with the formation of a large bullish candle due to increased bullish momentum.

The upward movement in price may continue to the trendline at $1.50 in the supply area a target by the bulls in the medium-term. This was further confirmed by the signal of the stochastic oscillator that points up at 25%

Price was briefly above the 10-EMA before it fell back to $1.13. A breakout from the resistance at the 10-EMA may occur with stronger pressure on the coin by the bulls coupled with candles opened and closed above the EMAs.

NANO/USD Short-term Trend: Ranging

The cryptocurrency is in a bearish trend in the short-term outlook. The bears sustained the momentum before the closed of yesterday session by hitting the target at $1.05 predicted in yesterday analysis.

The bulls took over the market dominance as the market opens today at $1.10 with a push of price to $1.17 as the coin goes into consolidation.

The cryptocurrency is ranging and trading between $1.20 in the upper supply area and at $1.05 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.

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