Altcoin Opportunities

Nosana is resilient: What's next?

Updated: Jul 25, 2024

Published: Apr 17, 2024

It caught our eye initially with how well price action held up compared to the majority of the market in terms of resilience despite the war catalyst, which saw a 30%+ pullback on some assets.

Hypothesis

It's very simple and straightforward here with NOS, guys.

Nosana didn't flinch and held up at an already attractive price region we were watching. All this, plus the technical conviction around this asset, has given NOS the props to be a valid opportunity to take from many angles for a profitable outcome.

Let's talk technicals.

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. "One Glance" by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. These are not signals, and they are not financial advice.

Technical analysis

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NOS has been following a very similar technical pattern in its development.

We have these surges in bullish price action, followed by very nice corrective moves to the downside and repeat. This large correction identified on the chart with the red channel is a beautiful, calm, and corrective move where we don't see any worrying signs of a bearish tone. It's almost like the market is revving up for a move to the upside, and this is falling right into a key historic price region, which also aligns with a big-picture Fibonacci.

All in all, we have strong signs of further upside. This asset is backed and has all the fundamental promise for a strong performance this cycle, and when technicals align like this, it's time to position.

Play for traders

Scenario 1: We have some key price points in the box region that can be taken advantage of. One being the top of the box, being 3.20. Then we have the strongest case for conviction, with the round number of 3.00, and then we have the bottom, which will give you the best return, at 2.70. Stacking some orders across here, splitting capital allocation across the $3 is a good call. Or picking one, understanding the deeper price goes, the better price you get. The shallower the level you pick, the more likely the order will be triggered.

LOIs are listed below. Stop loss - exit criteria would be $2.40, 20% below the $3.00 LOI.

LOI's

$3.20
$3.00
$2.70

Take profit

TP 1: $4.00
TP 2: $5.00
TP 3: $7.90

Play for investors

When taking price from the all-time high, with regards to returns, at the time of writing this, we have a 110% return.

This is outstanding when we only target recent highs, and we think we will exceed this quite significantly. This is a generous pullback brought around by nothing but pure market sentiment. It showed signs of resilience amid the chaos. These are all the signs of a strong performance. DCA'ing now is a good call.

Cryptonary's take

Nosana stood strong and stuck out in the crowd during the chaos. It was an easy front-runner to capitalize on for short-term, mid-term, and long-term gains.