Nano Coin Price Up 12% – Time To Buy NANO?

Jimmy Aki
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Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.

Nano blockchain is an eco-friendly crypto protocol which is one of the reasons why you should buy NANO. Given the sudden interest in eco-friendly projects, Nano has begun to attract investors’ attention.

It’s also fee-less making it a good choice for settling financial obligations. Even with these unique attributes, Nano has seen its price action drop with the broader crypto market.

This is because most cryptocurrencies are tied at the hip to Bitcoin. However, the crypto flagbearer has surged 3% on the daily chart and likewise has NANO. Let’s see if this is the right time to buy NANO.

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Don't invest unless you're prepared to lose all the money you invest. Crypto asset investing is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk. CFD crypto trading is unavailable for clients residing in the UK and US.

NANO: The Eco-Friendly Crypto

The Nano development dubs it the “digital money for the modern world.”

Nano is a proof-of-stake blockchain protocol that aims to build a fast, secure instant payments platform without the accompanying fees. Its reliance on a sophisticated PoS consensus algorithm makes it highly energy-efficient as it eschews the popular proof-of-work consensus protocol.

Using an open representative voting (ORV) consensus mechanism, representatives that validate transactions are chosen by Nano holders. This helps to reduce the redundant method of all mining nodes competing to solve complex mathematical puzzles and makes it energy-efficient.

Starting out as RaiBlocks in 2014, Nano has gained popularity in the crypto world since rebranding in 2018. It currently boasts of over $671 million in market capitalization and ranks eighty-sixth on the global crypto trading charts.

Nano uses a block-lattice ledger design, much like distributed ledger technology (DLT), which allows only account owners to sign blocks into their account chains. This addresses the issue around forks or malicious actors making it nigh impossible to orchestrate a double spend.

Even though it is similar to the PoS algorithm, Nano’s ORV consensus mechanism differs in a lot of ways. One of the areas where it is dissimilar is that anyone can be a representative as they do not need to stake a lot of Nano tokens to verify transactions.

This is because ORV operates on what is called a balanced-weighted voting system which allows Nano holders to delegate their tokens to anyone even though the representative does not have a commensurate amount of tokens.

This helps in ensuring a truly decentralized system as PoS allows only those with a high value of staked tokens of the crypto project to validate transactions. This can lead to a centralized system in the long run as only a group of validators can create blocks.

What is NANO Price?

NANO price action has been impacted negatively in the last month. However, the ORV crypto protocol is rallying and this may be a great time to buy NANO.

At press time, NANO currently trades at $5.068, rallying 12.448 percent in the last 24 hours. Even though it is seeing a single-day uptrend change, this is not the best price action of the NANO token since inception.

Nano price chart June 25 - buy Nano

At its launch in 2018, the NANO token traded at an all-time high (ATH) of $31.4 before it dipped a bit. Following the slump of Bitcoin after the 2017 crypto bull run, NANO token price slumped to an all-time low of $0.75 two years after its launch.

However, it has surged with the adoption of digital assets in 2021 reaching $13.01 in the April boom before the crypto market crash in May saw it drop to $4.

Meanwhile, the Bitcoin rally in the last few days has played a key role in NANO token positive price action. A continued rally above the $37K mark for Bitcoin will see NANO rise as well. The best way to know when to buy NANO is to monitor BTC performance.

NANO Technical And Fundamental Analysis

On the trading chart, NANO has strong fundamentals. The asset’s relative strength index (RSI) is at 38.59, meaning it is above the oversold margin. You can buy NANO now to rise with the general market.

The 20-day moving average (MA) support points to a bear market as the NANO price is trading below the indicator at $6.058.
With more investors turning to eco-friendly crypto protocols, it may just be the right time to buy NANO as the crypto market recovers.

Buy NANO Coin at eToro, the World’s leading Trading Platform

1
$50
Mobile AppYes
  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly
Visit WebsiteOur score 10
Don't invest unless you're prepared to lose all the money you invest. Crypto asset investing is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk. CFD crypto trading is unavailable for clients residing in the UK and US.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.