The XNO price rose to $1.72, its highest level since May 7. At its peak, the coin was up more than 215% from this month’s low. According to CoinMarketCap, Nano has a combined market cap of over $134 million, making it the 150th largest coin in the world.
What is Nano and why is it rising?
Nano is a relatively small cryptocurrency that is aiming to become a leading medium of exchange in the digital zone. It is a digital currency that can be used and accepted anywhere in the world. Unlike other cryptocurrencies, it does not need to be mined, printed or minted
Nano is also different from others cryptocurrencies in that it was not funded through an ICO. Instead, the Nano Foundation used The Faucet, a website that allowed people to fill out Google CAPTCHAs. This allowed them to reach people who had time to invest.
There are advantages to using Nano for payments. It has no hidden costs and is super fast. It is also highly decentralized, meaning it is non-inflationary. Therefore, unlike Bitcoin and ETH, which have significant fees, Nano does not charge. It is also a clean digital currency that
It is unclear why the price of Nano crypto has increased this week. One possible reason is that on-chain volume showed a strong bullish trend. According to Nano Looker, on-chain volume is up more than 378% in the last 24 hours. It rose to 22,227,484. At the same time, the number of confirmed transactions fell by 43% to 107,661.
XNO price also rose as investors bought into the dip. The opinion is that the currency has become significantly undervalued after the collapse this month.
XNO price prediction
XNO chart by TradingView
The daily chart shows that XNO price went parabolic this week. While doing so, it became one of the top performing cryptocurrencies. It managed to break above the important $1 resistance level and break above all moving averages. The Relative Strength Index (RSI) broke above the overbought level of 70.
It also rose above the key resistance level of $1.40, the highest level on May 27. Therefore, there is a good chance that this rebound is part of a dead cat bounce. As such, there is a possibility of it pulling back slightly and going below $1.