Background & News

Nano (NANO) has been one of the biggest surprises for many during the bull run in 2017, where the coin managed to climb from a low of a few hundred satoshi to a high of 250k. This Digital Asset offers a unique technology to make peer 2 peer value transfer a possibility, the network uses a DAG (Directed acyclic graph) based chain that uses a DPoS consensus mechanism for voting and securing the chain against possible malicious forks, but without actually generating inflation. Transactions requires a PoW mechanism on both the sender side and the receiver side to prevent network spam.

The distributed chain that has been formerly known as RaiBlocks was constantly upgraded in its history to fix certain issues with its unique technology. The coin has been criticized for decentralization issues resulting from most nodes using the developers nodes as delegates thus putting too much power into a few hands. Since then even exchanges like Binances have started running full nodes to support the network and further decentralize the chain. Nano is in theory infinitely scalable, the only limit is hardware and bandwidth.

Roadmap items include ledger pruning, vote distribution, hardware wallet support and smart card support.

Charts

The BTC/NANO seems to be very straight-forward. Since being added to Binance, and since the start of the crypto bear market, NANO has been consolidating after the huge run up from 2017. The price pattern has built up a falling wedge on the daily chart and currently the daily candle is touching the upper line while moving sideways. This does seem to indicate the end of a down trend. A good buying opportunity would be the break-out or the first daily candle that closes outside.

The downside is that Nano could start another leg down and attempt a breakout later.

The hourly chart already broke out from the upper line, but this shouldn’t serve as our main time frame. The ascending channel could possibly mean that after breaking out of the upper resistance line we might re-test the trend line.