CryptocurrenciesX

Nano: Might Sound Small, But Does it Have a Big Future?

By 12/12/2018 No Comments


Today we’re going to talk about another cryptocurrency that’s a lot bigger than the name implies: Nano. Can we have great expectations for this no-fee crypto?

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Crypto Overview

Originally named Raiblocks, Nano is a fast, no-fee cryptocurrency that became world famous after the Bitgrail hack last January.

But is there more to the story? Like IOTA, Nano doesn’t run on a blockchain – it uses a Directed Acyclic Graph, with no fees and nearly instant transactions. Supporters of the digital assets say that makes it a perfect medium for micropayments and cross-border transactions. Earlier this year, Nano holders made headlines by using it to make small donations to hungry Venezuelans.

What do Critics Say?

The no-fee and fast transactions don’t mean Nano is perfect. There are still big concerns about how its future ecosystem would keep running. Since Nano has no fees, some critics say there’s not enough incentive to maintain the network.

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Nano/BTC Technical Analysis

Regardless, the crypto’s token has taken a similar direction as the rest of the market in terms of price action. The NANO/BTC pair, for example, has dropped from its all-time-high levels from back in February, and currently consolidating just above the all-time-low level. The pair had a temporary recovery in August 2018 after reaching the all-time-low levels 2 weeks earlier. However, the price broke below the daily Ichimoku cloud in September and has continued under it ever since. If the current trend continues, we could expect a revisit of August lows at 0.00015.

Nano / BTC price action - technical analysis

Now I’d like to hear from you. What are your thoughts on Nano, which currently ranks 36 in terms of market cap? Do you think it can ever make it to top 10?  Let me know in the comments, and subscribe to get more updates. Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.

Don’t forget to complete your risk management due-diligence before developing your investment strategy.

Invest responsibly,

Kiana

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