Overview of the Nano $nano 03/14/218
Overview of the Nano $nano 03/14/218
Before I get started, I want to remind everyone that this is not financial advice. I am not a financial advisor. If you take anything that I say to you as truth, you will get #rekt. Do Your Own Research #dyor
What is Nano and the $Nano coin. According to the Nano website, Nano is “Digital currency for the real world — the fast and easy way to pay for everything in life”. It was founded as RaiBlocks ($XRB) in 2015 by Colin LaMahieu. In January 2018 RaiBlocks re-branded itself as Nano. The main reason they re-branded was to create a name that more accurately characterized what the coin is and what it does. It is great for microtransactions and is lightning fast. The team believed that a new name, one that could easily be recognized globally, would be better to describe the project. That bet seems to have paid off. The re-branding of their product has made them a household name in the crypto community.
Fundamental Analysis:
One of the things that makes Nano so good is its zero fee transactions and near instantaneous confirmations. That’s because every Nano account is its own Blockchain as a part of the directed acrylic graphic. Each user provides the processing power to verify their own transactions. This means the Nano network is not using resources to do it. Nano can process over 1000 times more transactions per second than Bitcoin, so you will never get stuck in the queue waiting for transactions to be verified. One transaction fits within a single UDP packet and transactions are handled independently. This eliminates any block size issues and negates scaling debates. These things make Nano very unique in this space and the coin to watch in the future. For more information, you can read the whitepaper here.
The Nano team is hyperactive with 193 commits on their Github page since the first of January. 86k people across their social media platforms means Nano has extremely strong community support. With Beta wallets for iOS, Android, Windows, MAC, and Linux they are poised to take off very soon.
Technical Analysis:
This is an overview of Nano since it’s re-branding in January. SMA50, EMA50, BB20 and Stochastics at 14,3. As illustrated, $Nano was in a slow decline at the beginning of the year. Sometime around the 20th, there was a serious increase in volume causing the price to rise rapidly. Over the last month, we’ve seen a steady cooling in volume leading $Nano into oversold territory. At the time of this writing, $Nano is at 0.001116 BTC. I expect that as Bolinger Bands continue to tighten and we move into oversold territory, we should expect to see a resurgence in volume and a nice increase in the coins value. I will be looking to buy in, barring any unusual market gyrations, at around 0.001025 to 0.00175 BTC. I am not a financial advisor. This is not financial advice. Do your own research #DYOR
Assessment:
Of all the coins/tokens that I have reviewed in my articles, I believe that Nano is probably the best store of value. While I wish there were more coins in circulation, I believe the zero fee transactions, as well as the lightning fast verification speeds, make Nano a force to be reckoned with in the crypto ecosystem. As a store of wealth, you would be hard-pressed to find a coin or token that is as nimble as Nano. After researching Nano, I am now digging in my couch looking for change to fill my bags!!! I believe this is a long-term #hodl and we should be accumulating as much as we can before this is adopted by mainstream consumers and the value moons.
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