There is something to be said for beauty in simplicity, especially within the world of cryptocurrency. Today we are talking about NANO.
NANO formally known as Raiblocks (XRB) is a lightweight cryptocurrency that operates on Directed Acyclic Graph technology (DAGS), rather than traditional blockchain technology.
This gives NANO a technical edge over many other coins:
The NANO network settles transactions more quickly than other coins, because each individual NANO address has its own blockchain. The individual blockchain only records transaction history between itself, and the other NANO addresses it has interacted with. Because there is no complete blockchain required to process transactions between addresses, the transactions on the NANO network are settled almost instantaneously.
The NANO network is so fast that the speed of transactions is only determined by network latency!
NANO transactions are both FAST AND FREE!
The team behind NANO aimed to create a cryptocurrency that would be more appealing to use than fiat currency to transfer value, regardless of the amount. NANO is fully DeFi and all 130 million tokens were minted during genesis. This means there can be no staking or mining rewards.
NANO is purely dedicated to functioning simply, smoothly and efficiently.
NANO has no second layers and no smart contracts. Due to the lack of complex architecture and blockchain, NANO is theoretically infinitely scalable in size without compromise.
NANO is also energy efficient!
On average, Bitcoin (BTC) transactions consume approximately 707.6 kWh of electricity per transaction. A single bitcoin transaction uses roughly equivalent to the power consumed by an average U.S. household over 24 days. NANO on the other hand only uses 0.000112 kWh of electricity to process a transaction. This makes NANO one of the most environmentally conscious coins existing within the cryptocurrency market.
Now that we have some familiarity with the NANO project, lets take a look at a chart and discuss what we can speculate for the near future of NANO.
Let's talk about the NANO/USDT chart below. There has been an extended period of consolidating price action since April 18th 2021. You will notice since the initial blow off there has been a quiet accumulation by the composite operators. This kind of accumulation comes when market participants are not willing to give up ground to one side or the other. In a bullish trend the bias remains in the camp of upward price action.
You will notice the bubble is where I began sending Premium signals. The moment the price action broke above the 2nd Point of Demand (white line just below the price action) on the 4hr timescale is the exact moment that the accumulation phase of this consolidative period came to an end. Now we are just waiting for the remaining supply to be absorbed, once absorbed there is little resistance on the way to the top target of $14.00. Strap in this should be a fun one!