NANO is a decentralized digital money for the modern world. Colin LeMahieu is the founder of NANO in 2014.
They can boost three advantages namely :
- Instant transactions
Transacting with cryptocurrencies often has a very small fee, which is a lot better than banks and FIAT currencies, but NANO offers transactions without any fees. This is one of their big advantages. Furthermore it is eco-friendly, because there is no mining, printing or minting. Lastly NANO offers instant transactions.
NANO is a peer-to-peer transfer system and one of their long term goals is to create more awareness of the NANO network in the world. Using their cryptocurrency for every day payments online or in supermarkets or stores, seem very much possible with zero fees and super-fast transactions.
Interesting to notice is that NANO is since the month of May available inside the Brave Browser through the Binance widget you will see appear when you open a new tab page. You can now easily buy, sell and trade all kinds of cryptocurrencies that are available on Binance.
NANO was formerly RaiBlocks. They changed their name, because they felt that the name RaiBlocks did not represent the simplicity and the speed of the project. The name NANO does this in their eyes.
They are currently number 55 on Coinmarketcap.com with a market cap of around 125 million dollars. All coins are already distributed and there is no inflation.
NANO weekly chart
Here is a weekly chart compared to the dollar on Binance with the indicator OBV, or On Balance Volume :
You can see in price a downwards channel with lower highs and lower lows. This happened for a lot of altcoins during the bear market. Once again it is trying to break out to the upside and for now it gets rejected again. When we look at OBV I can see very decent accumulation going on. Since the low at the end of 2018, where OBV was at it lows, we see a lot of accumulation on this altcoin, while price is still hoovering around the same price area as the end of 2018. This is a good sign for future growth ! For a while now OBV is inside a channel that I drew and will likely get rejected first, which means price will go down some as well.
The lowest price on this altcoin was 0,26$ and was only short-lived. The price floor looks more like the 0,55$ - 0,60$ area in my opinion and in the future we should be able to hold this if it was to go this low again. If NANO wants to break to the upside it needs to cross the 1,00$ level and stay above it for a couple of weeks. If it does that then the 2,00$ level will be our next target !
Here is another chart with the indicator RSI (Relative Strength Index) and the Chaikin Money Flow :
Two things stand out for me. First is the RSI resistance we are hitting right now. NANO is inside a channel on the RSI and it seems likely to me we will get rejected first. Price will likely move down a little first. Best would be to consolidate a while before trying to break out again to the upside. Once it breaks, it will have good room for growth before hitting the overbought territory and even then it can easily stay for weeks in the overbought territory.
Second thing that stands out for me is the bullish divergence on NANO when looking at the Chaikin Money Flow and price. I drew two green lines and you can clearly see Chaikin moving upwards while price was going down between two points. This is playing out right now with prices rising for weeks. When I look at Chaikin I see a lot of selling pressure over the years and small buying pressure. In and of itself this is not such a bad thing. It gives room for thought of course. Why is there so little buying going on ? What I believe is that NANO went absolutely crazy (under the name RaiBlocks) in the beginning of 2018. Going from 0,01$ to 35$ is a rocket ship going to Mars ! This needs to get sold off a lot, so you see a lot of selling pressure over the years. It takes time to create a price floor and to restart the process of rocket ship mode. You need to shake out a lot of weak hands before you can make this crypto move back up high again.
My personal view
NANO is one of the cryptocurrencies that left a big mark on me when I started in the cryptocurrency world at the end of 2017. I saw this altcoin rise astronomically every single day (50% or more per day) and I had no idea what it was or what it did. I got a strong FOMO urge, but since I did not do research on this crypto, I did not go in yet. At the end I did buy a little bit when the cryptocurrency market went into a bear market in 2018. I am currently at a loss for NANO, but I do not have worries. I believe it will strongly rebound in the years to come. This crypto went from 0,01$ all the way to 35$ ! There is a lot of room for growth for this altcoin.
I really like the fact that there are no fees involved and that the transactions are very fast. This makes an interesting case for every day transactions in life. I hope in the long term future we will be able to do so.
NANO offers instant transactions with zero fees and this is great for every day use as a cryptocurrency. There is a lot of room for growth for NANO and looking at OBV there is quite some accumulation going on. This process takes time and patience is key. It is still in a downtrend so it is best not to get too excited yet. It needs to break the channel to the upside and create a higher high, which means above 1,236$, before we can say that the trend has changed ! I believe that NANO will be able to do this and when I look at a price floor of around 0,55/0,60$, I can see this cryptocurrency easily going back to 5-6$ in the future. Going back to 35$ I am not so sure, and it is good to be cautious, but if we were to have a crazy altseason like at the end of 2017/beginning of 2018, anything is possible !