Nano (NANO) price has exploded this January. Should I invest in February?

By: Stanko Iliev
Stanko Iliev
Stanko dedicates himself to providing investors with relevant information they can use to make investment decisions. He loves the… read more.
on Jan 29, 2021
  • Nano price has exploded this January
  • If the price jumps above $4.5 resistance again, the next price target could be around $5
  • If the price falls below $3, it would be a firm "sell" signal and possibly a trend reversal sign

Nano (NANO) has advanced from $1 above $5 since the beginning of January, and the current price stands around $3.8. The major trend of this crypto remains bullish, and for now, there is no signal of the trend reversal.

Fundamental analysis: Nano transactions are completed in less than one second

Nano is decentralized and secure digital money that connects its users with the global economy with no fuss, no fees, and without waiting. Nano network uses a lightweight and efficient consensus protocol called Open Representative Voting (ORV) instead of power-hungry mining.

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In this way, this network uses minimal energy usage and continues efforts to reduce pollution and energy consumption. Nano transactions are completed in less than one second, so its users don’t have to wait for credit card or banking network approval.

The cryptocurrency market is advancing this Friday, and this situation also supports Nano price. Nano price has been moving in sideways last several months, but since the beginning of January, the price has exploded more than 500%.

It is important to mention that there are lots of rumors that many bullish talks from the popular Reddit WallStreetBets forum influenced this price move.

According to the official website, this network is entirely risk-free whether you are buying goods at a store or making payments online. Nano protocol has its cryptocurrency under the symbol NANO, and it is important to say that the maximum supply is 133,248,297 NANO.

According to analysts, Nano has a bright future because it empowers individuals with the most efficient and accessible digital money possible, while the major trend of this cryptocurrency remains bullish.

This cryptocurrency could advance even more in the ongoing bull market, but if you decide to invest in Nano (NANO) this February, you should use a “stop-loss” order because the risk is very high.

Technical analysis: The major trend remains bullish

According to technical analysis, Nano (NANO) could advance again above the $5 resistance this February. Still, if the cryptocurrency market enters a correction phase, NANO price could be at much lower level.

Data source: tradingview.com

The main trend of this cryptocurrency remains bullish, and for now, there is no signal of the trend reversal. If the price jumps above $4.5 resistance again, it would be a signal to trade Nano (NANO), and the next price target could be around $5.

On the other side, if the price falls below $3, it would be a firm “sell” signal and possibly a trend reversal sign.

Summary

Nano (NANO) could advance even more in the ongoing bull market, but if the price falls below $3, it would be a firm “sell” signal and possibly a trend reversal sign. According to analysts, Nano has a bright future, but if you decide to invest in Nano (NANO) this February, you should use a “stop-loss” order because the risk is very high.

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