NOS technical analysis: Will it bounce off $1.32 or break $2.7?

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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Market context

Nosana has been one of the strong performers this cycle, generating significant returns for investors. Naturally, after such gains, we’ve seen some profit-taking and bearish price action, especially with the overall market lacking bullish momentum. The key level to watch is $2.7, which provided a nice opportunity back in April and held strong. We saw a 100% move off this level before respecting the bearish trend line and selling off even lower, hitting the $1 mark.

Another key level is $1.32, formed around late January/early February during a small consolidation before that massive 500% range expansion to $7.9. It’s interesting to note the hammer candlestick that formed on August 5th—a strong sign of demand at this level. This led to an 80% bounce, and we’ve since seen bullish buying pressure around the $1.5 to $1.76 price zone.

Playbook

To see real bullish momentum, we would need to see a reclaim of the $3.2 to $2.7 price levels. If this happens, we can start targeting the highs around $7.9. While not invested in Nosana, it is a strong performer in our CPRO picks. On the higher timeframes, there’s potential for a large inverted head and shoulders pattern forming, which could signal a major shift in sentiment if the $2.7 level is broken and retested.

Key levels

• $2.7 to $3.2 (key resistance zone to reclaim for bullish momentum)
• $1.32 (key support from the consolidation phase before the large move)
• $7.9 (Mid to Longer term) target on a successful break and retest of $2.7)

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