EOS and Nano (NANO) are two projects that want both want to take the throne in their respective areas of specialty. EOS is aiming for market leadership in the smart contracts space that is currently dominated by Ethereum. On its part, NANO is aiming to take the crown away from Ripple in the value transfer space, by offering similar services as Ripple, but in a fully decentralized environment.
Both are great investments that have the potential to give you exceptional returns in the long-run. Let’s now go through a technical analysis of these two cryptos to help you make an even more informed investment decision.
EOS technical analysis
EOS is experiencing a strong bullish momentum. On the weekly charts, the price has edged above last week’s high of $6.20. That’s a sign of a strong bullish reversal after several weeks in the red. If EOS closes the week above $6.30, it will be a clear indication of an impending bull run. The weekly RSI is at 50, which is indicative of a bullish market.
The EOS price has also crossed above the 200-day moving average, which is acting as a strong long-term support. If the upward momentum sustains, it is likely to move up to around $9, a level at which the 100-day moving average is a major resistance level. A break above that, can see EOS push to highs of over $14, since it will be an indication of a confirmed uptrend. Overall, the downward risk from a technical perspective is quite low right now.
Nano technical analysis
Just like EOS, Nano is showing all signs of a bull run. On the weekly Nano/BTC chart, the last three candles have been unable to break below the bullish candle of 15th to 19th February. That’s indicative of bear weakness, especially at a time when the crypto market as a whole has been on a sustained bear run in the last few weeks. The RSI too shows an impending bull run.
It has a reading of 40, which is indicative of early bullish momentum. On the day chart, the price seems to be unable to break below the lower Bollinger band, which is a clear sign that there are not enough sellers to drive the price any lower, making the current price a good entry point. The potential upside return relative to the risk of a downside break is quite high, considering that the price is sitting on a long-term support level.
Beyond the technicals, the value of these two coins is likely to be given a boost by the decision by the G20. The G20 has made it clear that there won’t be any new tough regulations on the crypto market. This will drive investors back into the crypto market and these two have what it takes to draw in investors. For instance, EOS is highly scalable, a problem that Ethereum has struggled with for some time.
On its part, Nano (NANO) has all the hallmarks of a great value transfer and doesn’t have the baggage of centralization that faces Ripple, the most known crypto in that space. These are factors that will push these cryptos up in the long-run.