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NANO Price Increases 100%, Cardano May Repeat

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Cardano 100x Moonshot (GREATEST ADA Price Prediction)

NANO Price Increases 100%, Cardano May Repeat

NANO Price Increases 100%, Cardano May Repeat
CONTENT

  • NANO is trading above 92,000 and 106,000 satoshi supports.

  • Since May 8, the value of the currency has increased by 100%.

  • ADA rate increased by 50% since May 18.

  • Support is located in the 780 and 740 Satoshi area.

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The NANO course has doubled its value since May 8. Cryptocurrency Cardano (ADA) has risen in price by 50% since May 18, demonstrating the similarity of dynamics with NANO, which promises its growth by another 50%.

NANO Price Increases 100%, Cardano May Repeat

Nano (NANO)

The NANO rate has been strengthening since May 8, when the price marked a minimum of 63,660 satoshi. This growth took place in two stages. Initially, the price rose 72% in 16 days. She then returned and tested the 92,000 Satoshi area as support, and then headed north again. Since then, in 8 days, the currency has risen in price by 52%, although then there was a slight pullback.

The daily RSI bounced out of the 50 area around the same time as the rebound from the 92,000 Satoshi support area, promising the pair to continue moving.

Cryptocurrency trader @PostyXBT has shared with readers a very similar chart depicting the aforementioned rally and bounce off the support level and 200-day moving average (MA). At the same time, he noted the similarity of the price dynamics of two currencies – NANO and ADA.

“These aren’t the most obvious altcoins to compare, but I see similarities. The Nano retraced 15% after a strong rally, forming a rising low and then a rising high. ADA can do the same. Like COVID, ADA could launch a second wave, ”he wrote.

NANO Price Increases 100%, Cardano May Repeat

In the above charts, the two coins do show a number of similarities. If this trend continues, ADA may find support above 800 satoshi and start a new phase of growth.

Cardano (ADA)

Since May 18, the ADA rate has increased by 84% in 17 days, which is very similar to the dynamics of NANO. Since then, the ADA has been adjusted.

If the currency continues to follow the NANO behavior, it should find support in the 800 satoshi area and then initiate a new growth phase, which could lead the market to the next resistance area at 1200 satoshi.

However, technical indicators throughout the entire price increase did not behave the same as in the case of NANO. The RSI rebound from the 50 mark and the price rebound from the 200-day MA occurred much earlier, on May 12.

Thus, apart from the growth rates, we see no significant similarities between ADA and NANO..

 

On a shorter-term chart, one can highlight the support area at 780 Satoshi (Fibo level 0.5 of the correction of the entire price movement), and then at 740 Satoshi. It looks like the market is set to reach at least the first support.

When the ADA gets to it, price dynamics and technical indicators (in particular, a possible double bottom and / or bullish divergence signals) will determine the further direction of the pair..

NANO Price Increases 100%, Cardano May Repeat

At the moment, we cannot say that the NANO dynamics can be used with confidence to predict the further behavior of the ADA course..

Do you see compelling similarities between the price action of NANO and ADA? Share your opinion in the comments and join the discussion in our Telegram channel!

Disclaimer

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