Nosana (NOS) technical analysis: Will $2.75-$3.2 support lead to $4?

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 continued to perform as expected for a CPRO Picks asset, hitting critical levels and showing strong demand. We've consistently highlighted the importance of the 1.32 to 1.769 range, where we saw a 470% move from this area back in February.

Now, once again, price has tapped into this region, using it as a key base. Historically, we've observed that after a significant push higher, Nosana tends to stall and consolidate for several days before making its next leg up. Given the recent 100% move from the $2 mark to around $4, we're expecting some pullback into the 2.75 to 3.19 build box, which will serve as an ideal spot to build a position.

Playbook

Our approach here is to watch for a retrace into the 2.75 to 3.19 level, a key area for building exposure in Nosana. This zone has significance as it formed the base of the April-May move, where we captured a solid upside on Nosana.

If you're looking to build a spot position, it's also wise to consider some initial exposure now, as recent price action has confirmed demand. The demand is clear, given the recent 100% move from the $2 level outperformance compared to most assets last week. This kind of buying pressure signals strong demand, positioning Nosana well for further upside.

Key levels

• $3.2 to $2.75 - Build box for potential pullback entry
• $1.32 - Major support, with historical demand zone
• $4 - Recent high and point of potential consolidation before a breakout
• $7.9 - Longer-term target if bullish continuation sustains

Cryptonary's take

Nosana is clearly displaying demand strength, and although we aren't directly invested, it's an asset with strong momentum worth noting in our CPRO Picks. The current structure shows lower highs and lows, but with recent demand in this key region, Nosana may be positioned for a breakout if we see a retest and reclaim of the $3.2 level. If market sentiment shifts further and Total3 continues its uptrend, Nosana could be set to challenge its previous highs.