- ZANO crypto has gained nearly 100% from October.
- The low trading volume in December and weak capital inflows since October were a warning signal.
As a seasoned crypto investor with scars from past bear markets etched deeply into my portfolio, I’ve learned to read between the lines when it comes to sudden price surges like ZANO’s. While it’s undeniably exciting to see such impressive gains (nearly 100% since October!), as a wise old dogfooder once said, “Every time I hear the phrase ‘new all-time high,’ I reach for my wallet… to buy more rope.
In late August, the price of Zano (ZANO) cryptocurrency reached an unprecedented peak that surpassed its earlier record from October 2021, which was at $4.18.
After that point, the price of the token climbed upwards, reaching a new peak of $13.68 on the MEXC exchange on the 10th of December.
Following a fresh peak, ZANO cryptocurrency saw a nearly 9.3% pullback. However, its overall bullish pattern continues to hold strong.
In simpler terms, a series of Fibonacci ratios were drawn as guidelines, but since the strong price movement may not yet be complete, traders need to stay alert and ready.
Since the year 2020, Zano has been actively involved in trading. Despite the challenging bear market, this privacy-focused blockchain network has shown resilience and impressive growth in recent periods. At the moment of reporting, it maintained a relatively modest market value of approximately $167.57 million.
Warning signs from the OBV?
The digital currency ZANO appears to be showing a very positive trend, with its structure suggesting a strong bullish outlook. Furthermore, the Relative Strength Index (RSI) for daily trading has been consistently above 80 since December 8th, indicating significant and persistent upward pressure in the market.
The trading volume has also been above average since the 5th of December, a positive sign.
However, despite attempts, the OBV didn’t surpass its October peak levels. On the other hand, the value has increased approximately 100%, leading traders to exercise caution. It might be wise for investors to cash out their gains.
The quiet spike served as a cautionary signal suggesting the trend could be unsteady, as it had been mostly below 0.05 on the Chaikin Money Flow (CMF) since October, which contrasted sharply with the robust market upswing.
Realistic or not, here’s ZANO’s market cap in BTC’s terms
In light of the potential for further profits, it’s advisable for traders and investors to safeguard their earnings and lessen their involvement in the ZANO cryptocurrency market.
Meanwhile, for the less risk-averse traders, the next bullish targets are $15.51 and $18.47.
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2024-12-12 08:07