XNO / TetherUSLong
XNOUSDT (Nano) Looks Ready To Moon
Hi guys, let's take a step back and walk through the price action of XNOUSDT (Nano) to see what it has in store for us.
We'll start the technical analysis of Nano (XNO) vs USDT from the monthly timeframe down to the 4-hourly to gain a broader perspective on its price action, allowing us to anticipate trends both in the long and short term.
That's all for Nano (XNO). Let me know what you think about this technical analysis in the comment section.
Please make sure to you do your research.
My trading rule is simple, don't take position based on what you anticipate price will do, take position only when price does what you anticipate and presents you a point of entry.
We'll start the technical analysis of Nano (XNO) vs USDT from the monthly timeframe down to the 4-hourly to gain a broader perspective on its price action, allowing us to anticipate trends both in the long and short term.
- Monthly Timeframe:
As seen in the chart above, we've had series of rejection and indecision candles since June 2024 down to November where we currently are. As we know, rejection and indecision candles alone don’t hold much weight, but they become significant when they occur in an area of interest, as we're seeing here. This is the third time this trendline has been tested, and it seems to be holding strong. The persistence of these rejection and indecision candles over the past five months might suggest that selling pressure is beginning to ease and buyers are starting to take interest.
Zooming in a bit further and marking the monthly lows and highs, it's obvious that we've been making series of HH (higher highs) and HL (higher lows).
Since the impulsive wave from October 2024 to March 2024 that led to break of previous monthly lower highs, it is expected to have correction since price does not move in a straight line but rather moves in impulse-corrective waves. Not only is correction healthy, it presents traders the opportunity to get in the prevailing trend at a discounted price.
With that said, what is the take away from the monthly timeframe? It looks like a good time to get in, and this is only my opinion which is based on the price action.
Now let's go down to the weekly timeframe to see what's happening.
- Weekly Timeframe
On the weekly timeframe, we see a straightforward price action, a falling channel from which the price has recently broken out and a weekly HL (higher low) has just formed with a candle showing momentum. This could lead to a break of the current weekly LH (lower high) at 1.056 price level, which hasn't been tested since August 2024. For this break of structure to happen on the weekly timeframe, we’ll need to see a strong impulsive move breaking the weekly LH at the price of 1.056.
If we do not see price move into the weekly LH at 1.056 impulsively, then it means price is not ready to move just yet and only forming a bigger corrective wave.
- Daily Timeframe
Now on the daily, the price breaking out of the falling channel is even clearer. Look at that nice looking impulsive move that led to break of structure coupled with where this price action is taking place makes it more interesting. Having broken the daily LH at 0.883 impulsively, and out of the channel, I would be looking for my entry signal in the corrective wave or what some will call a retest that would come after.
- 4 Hourly Timeframe
Same insight from the daily, will be looking for a more obvious corrective wave on the 4 hourly to start take a buy position.
That's all for Nano (XNO). Let me know what you think about this technical analysis in the comment section.
Please make sure to you do your research.
My trading rule is simple, don't take position based on what you anticipate price will do, take position only when price does what you anticipate and presents you a point of entry.
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