NANO - Summer Updates vol II
Since the entry at the beginning of the month returning to the $ 1 level, apparently today the price rises to the Fibonacci resistance marked as level 1, around $ 1.23. In a daily view we see that the RSI is in an almost perfect point to break this resistance again if we find enough buying power.
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In a weekly view, we appreciate the importance of it having already surpassed the MA 100, giving us four weeks of positive growth. For the price action to stay on our side we should at least break past the latest highs which are around $ 1.35- $ 1.40 which is also a major resistance in the past year.
We do not pose prices in a bearish scenario because they are more than obvious and already well defined in the Fibonacci retracement.
NANO is currently at # 77 on the coinmarketcap list. Interesting option for us given the total circulating supply and the characteristics it has:
About Nano from https://coinmarketcap.com/currencies/nano/
Launched in 2015, Nano describes itself as an open source, sustainable, and secure next-generation digital currency focused on removing perceived inefficiencies present in existing cryptocurrencies. Designed to solve peer to peer transfer of value, Nano aims to revolutionize the world economy through an ultrafast and fee-less network that is open and accessible to everyone.
Nano is reportedly able to offer fast and feeless transactions due to the Block Lattice - a data structure in which all accounts each have their own blockchain, rather than competing with others on a central chain. Consensus is generated through representative voting, where accounts can freely choose their representative at any time with an update of their account chain, thereby providing more control for users to decide who validates transactions.
Each component of the protocol was created with the long term goals of decentralization and accessibility in mind. By creating a system where representatives are not paid to operate, the incentive to participate in the network is shifted to indirect, operational cost savings. The team claims that this change in incentive model is more efficient and removes one of the factors driving centralization in other systems because participants are not encouraged to interact beyond their direct needs and supporting the network, and thus economies of scale become less critical.
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We hope this will continue in some way until the next market correction ...
Have a nice week!
[img]
In a weekly view, we appreciate the importance of it having already surpassed the MA 100, giving us four weeks of positive growth. For the price action to stay on our side we should at least break past the latest highs which are around $ 1.35- $ 1.40 which is also a major resistance in the past year.
We do not pose prices in a bearish scenario because they are more than obvious and already well defined in the Fibonacci retracement.
NANO is currently at # 77 on the coinmarketcap list. Interesting option for us given the total circulating supply and the characteristics it has:
About Nano from https://coinmarketcap.com/currencies/nano/
Launched in 2015, Nano describes itself as an open source, sustainable, and secure next-generation digital currency focused on removing perceived inefficiencies present in existing cryptocurrencies. Designed to solve peer to peer transfer of value, Nano aims to revolutionize the world economy through an ultrafast and fee-less network that is open and accessible to everyone.
Nano is reportedly able to offer fast and feeless transactions due to the Block Lattice - a data structure in which all accounts each have their own blockchain, rather than competing with others on a central chain. Consensus is generated through representative voting, where accounts can freely choose their representative at any time with an update of their account chain, thereby providing more control for users to decide who validates transactions.
Each component of the protocol was created with the long term goals of decentralization and accessibility in mind. By creating a system where representatives are not paid to operate, the incentive to participate in the network is shifted to indirect, operational cost savings. The team claims that this change in incentive model is more efficient and removes one of the factors driving centralization in other systems because participants are not encouraged to interact beyond their direct needs and supporting the network, and thus economies of scale become less critical.
---------------------------
We hope this will continue in some way until the next market correction ...
Have a nice week!
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