Is NANO Preparing for a Price Breakout?

A Once Promising Currency's Continued Price Fall

NANO (NANO)–Despite a relative recovery in the cryptomarkets occurring over the previous month, NANO, the once promising currency to provide instant and free crypto-based transactions, has continued to fall in price.

Since reaching an all time high in January of 37 USD, the coin has dropped 87% in value to 4.30 USD (as of writing). While NANO, like TRON and many other currencies, had the unfortunate luck of cresting just as the cryptomarket reached it’s pinnacle bull cycle, the currency has yet to exhibit the type of recovery we are seeing in other projects. Even TRON, a currency which lost over 90% in value following its ATH was able to recover to about one-third of peak pricing before last week’s market downturn.

What’s going on with the price of NANO, and is a breakout brewing in the interim?

BitGrail and Allegations of Foul Play

Undoubtedly, the most damaging facet to NANO pricing has been the ongoing BitGrail hack. NANO, originally labeled as Raiblocks (XRB) has been a notoriously limited-exchange currency to purchase. Prior to the addition on Binance, investors were relegated to Mercatox and the small, single-currency exchange BitGrail, founded by Italian developer Francesco Firano. On February 8th, while the price of NANO was hovering above 10 USD and seemingly in recovery, it was discovered that over 15 million XRB had been stolen from a hack of the BitGrail exchange, amounting to over 150 million USD in user funds taken. While the hack constituted another part and parcel blow for the lack of regulation surrounding crypto exchanges, the fallout destroyed remaining trust by the investment base in the NANO team and currency. Firano, the exchange’s founder, held vehemently to his position that the NANO Foundation was responsible for the hack via a flaw in their blockchain security. NANO’s team responded with similar accusations against Firano, further adding to the confusion of the hack and deepening the pain felt by investors who lost millions in the fallout.

The case has since proceeded to a court ruling, with both sides refusing to acknowledge fault. At this point, with NANO reaching its lowest price since Q4 of last year and continuing to fall despite a recovery forming in the crypto-market, it’s becoming clear that neither investors or the NANO community are benefiting from the ongoing finger pointing. It no longer matters who is at fault (outside of the potential legal ramifications for Firano or the NANO team), rather than how the currency can proceed forward and rebuild the excitement and price appreciation that shot the currency into a top twenty market capitalization at the beginning of the year.

NANO’s Road to Recovery

Theoretically, a recovering Bitcoin price in addition to the billions of dollars returning to the cryptomarkets should buoy the price of NANO. Efforts have been made by the development team to help spur a price recovery, such as the 15,000 NANO giveaway on Binance to increase trade volume in May.

Thus far, these efforts have done little to bring about a price change for NANO. Some investigative Redditors have uncovered a NANO whale dumping between ten to thirty thousand NANO on exchanges daily, which could be causing price suppression. However, as others have pointed out, the volume of NANO being sold should not equate to the lack of price movement if investors are bullish on NANO. Instead, there seems to be a a general lack of interest on behalf of investors for the once popular currency. However, that could change in the near-term with the right market conditions.

  1. Renewed interested in transactional currencies. TRON, EOS and Ethereum are dominating headlines for their crypto-based network features. While cryptocurrency is, at its heart, a currency, the added utility of networks being built with crypto is far more enticing to the developer and investment community. Bitcoin remains king of the transactional currencies, and is likely to hold that position for some time unless inability to scale continues to be an issue. If NANO can find traction among small internet entrepreneurs and grow as an alternative to  Bitcoin, albeit one with free and instant transactions, it could find greater price interest.
  2. Improved Community Effort by the NANO Team. The unfortunate fallout of the BitGrail hack has been the sullied name of the NANO Foundation. Investors are wary to trust the development team as they would in the past, due to the back and forth allegations of foul play between Firano and the NANO parent company. However, NANO has had a long-track record of difficult implementation for investors, and is notorious as a headache for setting up on exchanges. The NANO Team should first target greater exchange saturation, thereby opening the currency to a broader investment base. From there, the team could look to TRON for a lesson in rebuilding investor confidence. TRON went through one of the worst FUD-campaigns in cryptocurrency history, and has only now begun to recover through the relentless efforts of founder Justin Sun and the TRON Foundation to rebuild relationships with TRX investors and the broader community. The Binance contest was a good start to drum up interest, but bounty programs, developer rewards and other community-based actions would go a long way in repairing the image of NANO.

In all, it’s going to be an uphill battle for NANO to recover to the price of the last ATH. NANO, like many other currencies, hit its valuation stride at the opportune moment, which led to a skyrocketing in price during the bull-run. However, when the cycle came to a screeching halt, many of these currencies saw their gains eroded just as quickly. Unfortunately, in addition to the severe price drop, NANO has had to fight through one of the biggest exchange hacks in all of cryptocurrency, as well as the ramifications of the legal fallout. Time tends to heal all wounds, even in the investment community. If NANO can get further away from the tragedy of the hack and price fall, and rebuild investor confidence, the price should be able to gain traction.


Gracie Perez

Gracie Perez is a part of TechNewsLeader team since we started. she holds a degree in Computer Sciences. From 2017, She has pivoted her career towards blockchain technology, with principal interest in writing Cryptocurrency news and different guides. She is also working with different online media outlets.

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