Trade Recommendation: NANO

NANO

Our April 9, 2019 trade recommendation for NANO (NANO/BTC) hit both its bottom picking and initial target. On April 23rd, the coin climbed as high as 0.0003543. Those who followed the trade plan grew their investments by over 26% in two weeks.

After hitting our initial target, NANO quickly corrected. The selling pressure was so heavy that the cryptocurrency dumped to 0.0000866 on August 9th. That’s a massive devaluation of 75% from the 2019 top of 0.0003569 which was posted on April 9th.

Nevertheless, the coin appears to be carving a local bottom. This is the reason why we’re interested in this crypto.

Technical analysis shows that NANO/BTC appears to be forming a durable support at 0.000093. We have this view for several reasons.

First, the cryptocurrency refused to go below this level from July 12th to July 16th. The stubbornness of the bulls sparked a rally that launched the pair to 0.000148 on July 25th.

Once the rally faded, bears flexed their muscles and drove the price below 0.000093 on August 8th. At that point, bulls were quick to respond as they lifted the market back above the support. This price action indicates the possibility of a bear trap. If our read is correct, the false break or spring can ignite a rally to our targets.

The strategy is to buy as close to 0.000093 as possible. As long as NANO/BTC is above this level, bulls will likely target resistance levels of 0.0001205 and 0.000148

The process may take less than a month.

Daily Chart of NANO/Bitcoin on Binance

Nano crypto chart
As of this writing, the NANO/Bitcoin pair is trading at 0.0000992 on Binance.

Summary of Strategy

Buy: As close to 0.000093 as possible.
Targets: 0.0001205 and 0.000148.
Stop: 0.0000885

 

Disclaimer: The writer owns bitcoin, Ethereum, and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.

Kiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.