Nano has stabilized above $6 support, is it the right time to buy it?

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 Aug 13, 2021
  • Nano continues to add new features for its community
  • Nano's ability to deliver instant and feeless transactions makes it the perfect option for online gaming
  • If the price jumps above $8, the next price target could be around $9 or even $10

Nano NANO/USD has advanced from $4.4 above $7 since the beginning of August, and the current price stands around $6.5. Nano continues to trade in a buy zone, and for now, everything indicates that the price could advance again above the $7 level.

Fundamental analysis: Nano is the perfect option for online gaming

Nano is decentralized and secure digital money that connects its users with the global economy without fuss, fees, and waiting. Nano empowers individuals with the most efficient and accessible digital money possible, while the Nano network uses the efficient consensus protocol called Open Representative Voting (ORV) instead of power-hungry mining.

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Because of the fact that Nano is not relying on power-hungry mining for security, the adoption of this crypto could probably increase even more as the world continues efforts to reduce pollution and energy consumption. Nano network is entirely risk-free whether you are buying goods at a shop or making payments online, and it is important to mention that the transactions are completed in less than one second.

Nano’s ability to deliver instant and feeless transactions makes it the perfect option for online gaming. The gaming industry has consistently been growing, and during the last year, the global online gaming market generated more than $21 billion, representing 21.9% growth compared to the 2019 year.

Nano has a maximum supply of 133,248,297 NANO which is widely available on many popular exchanges worldwide. Nano continues to add new features for its community, and last month, it released the community program to recognize and streamline the brilliant contributions of the Nano Community.

“Nano Community Program is created to identify, acknowledge and streamline the different kinds of participation within the community. We would now like to recognize key community members as Ambassadors, Community Managers, and Moderators, and make it much easier for engaged Community Members to create and leverage content from others”, the team of Nano reported.

Technical analysis: Nano (NANO) continues to trade in a buy zone

Nano is advancing this Friday, and for now, there is no sign of the trend reversal. Nano could advance even more by the end of August 2021, and if the price jumps above the strong resistance that stands at $8, the next price target could be around $9 or even $10.

Data source: tradingview.com

Traders should also consider that if the price falls below $6 support, it would be a firm “sell” signal, and the next target could be around $5. It is also important to mention that the price of Nano is correlated with the price of Bitcoin, and because of this, traders should have Bitcoin on their “watch list.”

Summary

Nano is decentralized and secure digital money that connects its users with the global economy, while its ability to deliver instant and feeless transactions makes it the perfect option for online gaming. Nano has stabilized above $6 support, and if the price jumps above the strong resistance that stands at $8, the next price target could be around $9 or even $10.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

  1. Etoro, trusted by over 13m users worldwide. Register here >
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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.