Can Nano Price Break This Key Resistance?
However, the price is facing a lot of hurdles on the upside near $8.00-8.50. There is also a major bearish trend line forming with resistance at $8.50 on the 1-month chart of the NANO/USD pair.
The trend line resistance prevented upsides on many occasions earlier and is now acting as a hurdle around $8.50. A break and close above the trend line resistance at $8.50 is must if the price has to move back into a bullish zone.
The next hurdle is near the 50% Fib retracement level of the last drop from the $12.40 swing high to $6.10 low. In the medium term, the price has to settle above $10.00 to remain in a positive bias.
If the price fails to settle above the $8.50 resistance, there can be a downside reaction towards $7.00. Below the mentioned $7.00, the price could retest the $6.50 support.
Overall, the current price action is slightly bullish, but a break above $8.50 is must, else there is a risk of a downside break.
Trade safe traders and do not overtrade!