Some interesting momentum is brewing for the Nano altcoin right now. Although it is still too early to speak of a proper market reversal, the current development shows there is some life left in the altcoin department. Despite a solid increase in the BTC and USD ratio, Nano’s price remains above $2 with relative ease.
Nano Price Continues its Uptrend
It is an interesting weekend for all cryptocurrencies, even though the gains across the board are pretty slim, all things considered. As long as Bitcoin doesn’t show any real bullish or bearish pressure in the near future, causing altcoins to note some small gains or losses in the process. For Nano, things are heading in the right direction right now, although the momentum still remains somewhat shaky first and foremost.
Over the past 24 hours, the nano price has risen by roughly 4% in the USD department. That means the altcoin sustains its value of $2 with ease, and has even reached a new level of $2.1. That is a pretty promising trend for altcoin speculators, even though it is not necessarily sufficient to keep things moving in this direction for the foreseeable future. The 3% gain over Bitcoin, on the other hand, is a bit more promising.
Unfortunately for Nano, all of the discussions across social media have something to do with price speculation right now. Considering how this is a sign there isn’t anything spectacular happening to Nano right now, one has to wonder how it impacts the overall market momentum. K Sizzle thinks Bitcoin’s price will push to $7,000 and drag altcoins with it. Shortly after, a retrace will kick in, which is rather common.
Seems like a plausible route to 7k mark before a retrace #btc #vet #qsp #omg #xvg #nano #ada #XLM #tpay #eca pic.twitter.com/fRSDGtxEUu
— Ah haaa 🚀 (@Timeshort21) October 21, 2018
Some traders are convinced the Nano price will remain under pressure from people looking to push the value below $2 once again. Whether or not that will effectively happen in the near future, is a different matter altogether. For now, the momentum looks positive, but this trend will effectively lead to a small correction sooner or later.
NANO stays under pressure, watch key resistance by trader CryptalDash published October 05, 2018 #bitcoin #nano #nanobtc #btc #cryptocurrency #nanocoin https://t.co/SPp354Nhvy pic.twitter.com/Ofo6XkJuwY
— BitcoinAgile (@bitcoinagile) October 21, 2018
Last but not least, Torjus Gaaren is looking for further Nano price gains in the near future. Although the current momentum seems to warrant cautious optimism first and foremost, one has to keep in mind no financial market can continue to rise indefinitely. In the case of Nano, this trend remains in place, although its week trading volume can easily trigger a big sell-off in the future.
https://twitter.com/TGaaren/status/1053752955164344320
With all of these trends in place, it will be interesting to see what the future will hold for Nano. It is still one of the most resilient altcoins on the market, and its push into Venezuela will undoubtedly continue to generate a fair bit of attention. Altcoins are in a good place right now, which might very well hint at a continual uptrend in the future.
Image(s): Shutterstock.com
