NANO suffers rejection but may soon attempt to pass resistance

NANO price follows a long term descending resistance line.

Resistances are found at $ 1.45 and $ 2.05, and support is at $ 0.96.

The technical indicators for the day are bullish.

Nano (NANO) price broke a long term resistance line on November 24th. It was rejected soon after and has been in decline ever since.

Despite its steep fall, price has already found support and is expected to show an upper low soon before starting to move up towards the resistances highlighted in this analysis.

Passage of long-term resistance

The Bitcoin Aussie System followed a descending resistance line since May 2019, that until recently. On November 21, the price began to move higher and broke that line three days later, peaking at $ 1.51.

That said, the price was rejected by the resistance at $ 1.45. A long upper strand appeared and price moved back below the descending resistance line. It is possible that the NANO will now follow an ascending support line (dotted). Therefore, the latter should create a symmetrical triangle figure. However, the row has not been sufficiently validated.

Technical indicators are ambiguous, and fail to give a clear indication of the trend. MACD and RSI are higher, while the Stochastic Oscillator has created a bearish cross.

If price breaks its resistance, the next would be at $ 2.05, which is the top of the descending resistance line and the 0.5 fibonacci retracement level of the last decline

Crypto trader @GolrishBeck tweeted a NANO chart, which shows the price has broken a long-term descending resistance line. It did at the start of the week, but the decline that began on November 26 threw doubts about that breakthrough by creating the aforementioned long top wick.