Nano is a smaller crypto project in terms of market cap, which seeks to become a top medium of exchange in the digital zone. It’s a digital coin that can be accepted and spent worldwide. It does not require to be minted, mined, or printed, unlike other cryptocurrencies.
Nano is deferred from other cryptos as it wasn’t funded through ICO. The Nano Foundation used The Faucet, a website that allows users to complete Google CAPTCHAs. Correspondingly they could reach users who had the time to invest.
There are advantages when using Nano for payments. It is lightning fast and has no hidden costs. So, Nano charges low fees, unlike ETH and BTC, which have high costs.
Why the Nano crypto price surged last week remains mystical. On-chain volume remains in a solid positive trend can be a primary reason. In the past 24 hours, Nano's volume increased by 378%. Simultaneously, the confirmed transactions number declined by 43%.
As investors bought the dip, XNO price also increased. The view is that the coin became remarkably undervalued after this month's collapse.
Let’s see the Nano (XNO) Price Prediction from the XNO Forecast:
Nano (XNO) Bulls Are Active In The Market
The first impression about the XNO/USD daily price could be uncertain for bulls as there are several upside pressures that were eliminated with a bearish recovery. The selling pressure from April 2022 highest level also came with a buy-side breakout that failed to hold the momentum. The recent bullish breakout shows the same price action, where the real question is whether the price will gain or it just made a buy-side liquidity grab.
The positive sign for buyers is the latest highest trading volume level of the November swing, which is below the current price and within the strong demand zone. It is a sign that the bearish counter impulsive momentum at the top did not come with institutional traders’ interest. Therefore, as long as the daily price trades above the 0.536 key support level, we may consider the buying possibility as valid.
Based on the daily Nano Price Prediction, any bullish attempt from the dynamic 20-day EMA could offer a potential trading opportunity, where the main aim is to test the 1.731 key resistance level.
On the other hand, the previous price behavior was not supportive to breakout traders, where any bearish pressure with a daily candle close below the 0.500 level could eliminate the bullish possibility and extend the loss toward the 0.2000 area.
XNO/USD Ichimoku Cloud Analysis
In the H4 XNO Price Prediction, the bullish breakout came with an impulsive pressure that can offer a decent trend continuation opportunity.
In the future cloud, the Senkou Span A moves below the Senkou Span B while the lagging span is above the price. The structure of the future cloud indicates that short-term bears are active in the market due to profit-taking. Therefore, investors should monitor the price to ensure that the bearish correction is over and the bulls are ready to take the wheel.
In the indicator window, the MACD Histogram is bearish but it failed to make a new lower low. However, MACD EMA lines have formed a bearish crossover, which could signal an extension to the bearish correction.
Based on the Nano (XNO) Coin Price Prediction, the upside pressure is solid for this pair but investors should find the price above the dynamic Tenkan Sen before opening a long position.
On the other hand, a bullish opportunity is available as long as the price trades above the 0.600 key psychological level. Any selling pressure below this level with an H4 close could offer a short opportunity, targeting the 0.300 level.
XNO/USD Intraday Price Action Analysis
In the hourly time frame, the current price is trading below the visible range high volume level. It is a sign that the bearish correction in this pair is solid and there is active profit-taking from bulls.
The price is aiming lower from the dynamic 20 moving average levels while the weekly volume VWAP level is above the 1.09 high volume level. Overall it is a signal that the price is facing selling pressure from dynamic resistances which can offer a short opportunity.
In the indicator window, the Traders Dynamic Index showed a corrective structure as the upper and lower band of the indicator narrowed. However, as the current TDI level is below the 50% neutral zone, we can expect the bearish trend to continue.
Based on the Nano Coin Price Prediction, the bearish possibility in this pair is solid as there is a bullish liquidity grab from the 0.906 level. In that case, a short opportunity is valid, where the primary aim is to test the 0.5 38 levels.
On the other hand, bulls should recover the price and form a candle above the 1.090 level before aiming towards the 1.73 1 key resistance area.
Is XNO/USD A Buy?
In the XNO Coin Price Prediction, we can say that the XNO/USD price is trading within a bullish impulsive leg, where the minor bearish recovery needs to be completed before offering a long opportunity.
The best trading approach is to find a solid bullish breakout in the hourly time frame and open a long position following the higher time frame trend.