The XNO price soared to $1.72, which was the highest level since May 7. At its peak, the coin was up by more than 215% from the lowest level this month. According to CoinMarketCap, Nano has a combined market cap of more than $134 million, making it the 150th biggest coin in the world.
What is Nano and why is it rising?
Nano is a relatively small cryptocurrency that seeks to become a leading medium of exchange in the digital zone. It is a digital coin that can be spet and accepted anywhere in the world. Unlike other cryptocurrencies, it does not need to be mined, printed, or minted
Nano is also different from other cryptocurrencies in that it was not financed through an ICO. Instead, the Nano Foundation used The Faucet, which was a website that allowed people to complete Google CAPTCHAs. As a result, they were able to reach people who had the time to invest.
There are benefits of using Nano for payments. For example, it has no hidden fees and is lightning fast. It is also highly decentralized, meaning that it non-inflationary. Therefore, unlike Bitcoin and ETH which have significant fees, Nano charges no fees. It is also a clean digital coin that
It is unclear why the Nano crypto price has jumped this week. A possible reason is that on-chain volume has been in a strong bullish trend. According to Nano Looker, the on-chain volume rose by more than 378% in the past 24 hours. It rose to 22,227,484. At the same time, the number of confirmed transactions declined by 43% to 107,661.
XNO price also rose as investors bought the dip. The view is that the coin became significantly undervalued after its collapse this month.
XNO price forecast
XNO chart by TradingView
The daily chart shows that the XNO price went parabolic this week. As it did that, it became one of the best-performing cryptocurrencies. It managed to move above the important resistance level of $1 and moved above all moving averages. The Relative Strength Index (RSI) moved above the overbought level of 70.
It also rose above the important resistance level at $1.40, the highest level on May 27. Therefore, there is a likelihood that this rebound is part of a dead cat bounce. As such, there is a possibility that it will pull back slightly and move below $1.