- The short and medium-term outlook is in a bullish trend.
- Traders may look to buy at support area with bullish reversal candlesticks pattern.
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 bullish momentum resumed after the bearish exhaustion was terminated at $1.10 in the demand area as yesterday session opened. The cryptocurrency rose to $1.23 in the supply area before the end of yesterday session.
$1.21 was today’s 4-hour opening price with pressure on the coin strong by the bulls. Increased momentum pushed the coin up to $1.36 and later to $1.42 in the supply area before the momentum loss.
The retracement may drop price around the resistance area of the10-EMA. With the signal of the stochastic oscillator pointing up at 82% in the overbought region and the two EMAs fanned apart, these suggest an upward continuation. In the medium-term $1.50 a key supply area is on the horizon as the journey up north continues.
NANO/USD Short-term Trend: Bullish
The cryptocurrency continues in an uptrend in the short-term outlook. The breakout in the resistance at $1.10 of the two EMAs triggers the bullish momentum in the short-term during trading yesterday with price risen to $1.23 in the supply area. The rally was sustained during today session with bullish engulfing candles as price rose to $1.43 in the supply area.
The two EMAs are fanned apart with the 10-EMA as support for the bulls each time correction to the downside by the bears and price drops. $1.45 in the support area is the bulls’ target in the short-term.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
