Trade Recommendation: NAVCoin

NANO/Ethereum (NANO/ETH) is a relatively new market as it registered the first daily candlestick on February 2, 2018. This first daily candle has significantly contributed to the pair’s recent downtrend. While NANO/ETH went as high as 0.029987 on February 2, it closed at 0.018412. This created a bearish shooting star candlestick indicating the dominance of sellers.

With selling becoming an early theme, the market plunged and went as low as 0.007626 on February 21. At this price point, the market lost almost 75% of its value from the all-time high of 0.029987. That’s why it quickly rallied when it bottomed out. It bounced to as high as 0.0199 on February 24. The surge effectively reversed the market’s trend, which you can capitalize on.

Technical analysis show that the NANO/Ethereum market is creating a bullish continuation pattern after breaking out of a rounding bottom reversal pattern at 0.012. Currently, the pair is locked in a range between 0.014 and 0.0175. While it consolidates, you have some time to enter at an optimal price point.

The strategy is to buy the breakout at 0.0175. The pair needs 1.6 million units of NANO to validate the breakout. Either way, we have a target of 0.022. The process can take a month.

Daily Chart of NANO/Ethereum on Binance

As of this writing, the NANO/Ethereum pair is trading at 0.017875 on Binance.

Summary of Strategy

Buy: Breakout at 0.0175 with 1.6 million units of NANO

Target: 0.022

Stop:  0.013

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

The post Trade Recommendation: NAVCoin appeared first on Crypto Currency Online.

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