Key Takeaways:
NOS, the native cryptocurrency of the Solana-based decentralized computing platform Nosana, was one of the top-performing crypto tokens in the market last week, posting a remarkable 37.55% price surge in a single day.
The protocol allows users to rent out their GPU power to companies performing AI-related tasks and earn NOS tokens for providing their capacity. AI developers can gain access to on-demand computing power without depending on Big Tech intermediaries. This model enables GPU owners to make passive income while making advanced AI technology more accessible.
NOS Could Trade Sideways But is Still Expected to Surpass Key Support and Resistance Levels
Recently, the token has been trading sideways, and this is expected to continue in the short term. Despite this possibility, NOS has a 0.0357 market cap-to-volume ratio, indicating high liquidity with strong trading activity and increased investor interest. NOS also managed to surpass 98% of the top 100 cryptocurrencies over the past year, adding credibility as a high-performing project.
The latest price of NOS is $3.89 – down by 5% in the last 24 hours. Historically, the price of Nosana has closed 43.60% days above its opening price. The highest price ever recorded for NOS was seven months ago, at $7.26 – 46.49% higher than the price at which NOS is changing hands currently.
Based on the technical price analysis, the short-term price sentiment for Nosana is bullish.
12 out of the 17 technical indicators call to buy NOS, while only 3 are calling for a sale. The first major resistance level for NOS is at $3.95 and the token has to close above that level for its price to continue moving upwards. Meanwhile, the lower support level sits at $3.75, and if its price drops below that marker, it may go even lower. The next resistance level for NOS is at $4.31, which it will go up to if it can close above the $3.75 support.
The 14-day Relative Strength Index (RSI) currently stands at 86.45, indicating Overbought conditions for NOS. This position signals that the price of Nosana could drop in the near term. The exponential moving average on the daily chart shows a bullish signal, with Nosana currently sitting above the 200-day EMA.
Nosana (NOS) Market Cap Hits $180 Million, With 24-hour Trading Volume at $18 Million
According to our prediction, the price of NOS can hit $4.33 over the next 10 days. Nosana is currently trading within a range of $3.75 to $3.95, which serves as its key support and resistance levels. If the price of NOS can break above the first major resistance level, then the next resistance to watch out for are $4.31 and $4.78. These price points are crucial for NOS as they indicate the potential for further price gains.
The 30-day volatility at 14% suggests moderate price fluctuations. But with only ten green days in the past month, this recent price surge for Nosana signals a newfound positive sentiment.
The market capitalization for NOS is $184.23 million, with 48.20 million out of a total of 100 million tokens currently in circulation. The 24-hour trading volume for Nosana is $18.18 million – up nearly 10% from the previous day.
Read More:
Scroll (SCR) Token Price Drops 30% After Whales Hijack Airdrop