Where Is Nano (XNO) Headed?

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Where really is Nano headed? Well, I don't know but hoping to see what price is telling us so we know what to do if some certain move we anticipate happens.

Let's start by unravelling this mystery from the Monthly timeframe to get a holistic view of the price action.

• Monthly Timeframe
  Since May 2021 when price got to $17.7+ we've been in a continued down trend that seems to have no end and I can only imagine what it feels like buying at that price level and still Hodling till now.
  
  One important thing we should always remember about the market is that price tends to spend more time in its corrective phase than it does in its impulsive phase. Just as a reminder, price moves in an impulse-corrective-impulse pattern, and Nano (XNO) is no different.
  
  On the Monthly, we are starting to see a Break of Structure (BoS) where a previous LH (Lower High) was broken by the impulsive wave which is currently correcting as expected. Remember, after impulse, follows correction and then another impulse from the corrective phase to confirm the trend.
  
  Corrective phase is where we should look to enter our long term positions from. We however are not going to make buy decision only what we see on the Monthly, we'll see what the Weekly, Daily and 4 Hourly timeframes say before we start thinking of how might take a position if our expectations are met.
  
  Since we're more interested in the recent price actions, let's zoom in the Monthly to really see the structure.
  
  
  Hmm, look at those sexy rejection candles. Well those alone don't mean anything as the candles are printed in the middle of nowhere. Let's scale down to Weekly in the next section.
  

• Weekly Timeframe
  Look at that, a bearish pennant which looks like it's breaking out already. Look at the price action on the weekly, since March 11th 2024, we've had series of impulse-correction. We are in a corrective phase in a pennant formation which usually signify continuation of prevailing trend. Pennants usually form after an impulsive wave which is true in our case.
  
  With this price action, I'm only going to be interested in buying on pull back when price breaks the Weekly LH (lower High) at price of 1.056.
  
  Likewise, if price breaks the Weekly Lower Lower (LL) at 0.668 then price would be indicating continuation of the current down trend on the Weekly timeframe. That said, let's see if the daily would give us any hint on what to expect in the short term.
  

• Daily Timeframe
  On the daily, we're currently at the impulsive phase after breaking from the corrective phase. If we don't get buy interest at the Daily Lower Low (LL) at 0.777 then we might be looking to test the Weekly LL at 0.668.
  
  My interest to buy XNO would be if price breaks and stays above the Daily HH at 0.922 or if price breaks any structure and stays above in a future price action formation. For now, I'm bearish a XNO.
  

• 4 Hourly Timeframe
  
  Price already broke 4 Hourly timeframe HL and now headed to the Daily LL. If the Daily LL does not hold, then we might be heading to the Weekly LL.
  
  With this, I am fully bearish on Nano except we start seeing some Break of Structure to the up side in the coming days and week