The NANO/USD pair rose 15% during intraday trading before afternoon losses capped gains at 11.5%, bringing prices close to 2020 highs
Most altcoins are trading lower after a marketwide decline, but Nano jumped more than 6% during the Asian trading session.
Nano climbed more than 11% over the past 24 hours as bulls targeted fresh highs, just days after the cryptocurrency reached its highest level since the start of the year.
Encouragingly for buyers, technical indicators suggest the latest price surge found support in a key zone.
Nano’s price rose 11.5% on Wednesday, moving from an open low of $1.11 to an intraday high of $1.30. Although it hit an intraday low of $1.09, a close at $1.24 signals another opportunity for buyers to push above the $1.31 peak seen on June 10.
Technical analysis of the NANO/USD pair
Nano traded 7.38% higher over the last 24 hours as buyers looked to extend gains heading into the European session. The uptrend is notable given Bitcoin’s weakness following a volatile session on Wednesday.
Sellers stepped in late in the day to trim gains, pushing the price down by $0.017. Still, bulls staged a notable rally to keep prices above the 9-day exponential moving average (EMA) at $1.14 on the daily charts. The RSI is pointing upward but is not yet overbought, indicating Nano is trading with strong bullish momentum and could break the $1.31 level to reach a new yearly high.
The 14-period RSI sits near 64, giving bulls room to build strength before entering overbought territory.
Buyers are eyeing resistance near $1.29 and a break above the 2020 level, which could open the way to $1.50. That target appears achievable since sellers face little significant resistance above $1.31. If momentum carries prices above $1.50, a test of $2.00 could follow in the coming weeks.
If the RSI moves into extended territory, upward momentum may slow because the price sits well above the 9-EMA but below the double EMA on the same timeframe. Should sellers regain control, NANO/USD would lean on the 9-EMA support at $1.14, with deeper declines likely limited near $1.01.
At the time of writing, Nano trades around $1.25 with a market capitalization of $166 million, ranking 48th on CoinMarketCap.
Other coins posting notable 24-hour moves include Cardano (+5%), Algorand (+6%), and Chainlink (+3%).