Trader Johnny Woo outlined a future increase with a target of 0.01 BTC – about 35% higher than the current price. In addition, Woo stated that the XMR breakout must be similar to that of Zcoin and DASH.
– Johnny Woo (@ j0hnnyw00) January 29, 2020
“XMR should follow XZC and DASH
XMR is getting slower. Hurry up”.
Are these three coins really similar? If so, can we use the dynamics of the other two coins to predict the future price of XMR? Take a closer look at each coin and make a comment.
In November 2019, the XZC price broke out of the descending resistance which took place for 574 days. After that, the price fell by 90%.
The most important resistance area found at 130,000 satoshi also served for the previous breakdown move.
Before the breakout, the weekly RSI created a bullish divergence near the oversold area. Shortly thereafter, it successfully completed the bottom of swing failure and moved above the 50 line. This is a strong reversal sign that many altcoins have recently achieved.
Since then, the Zcoin price has risen rapidly – creating 2 weekly sinking candles.
After that, there's another breakout from the descending resistance line on January 5, 2020. This line was made in 92 days.
Next, XZC increased by 100% for 25 days and moved above the 200-day moving average (MA).
It is likely that this move will continue until the price reaches a breakdown of 130,000 satoshi, dragging a 75% increase from the current price.
Current XZC price | Source: Coinmarketcap
In September 2019, DASH broke out on downward 721 days, longer than Zcoin. After breaking this resistance line, the price has fallen by 91.45%.
Although not as clear as XZC, the breakdown level is now found at 0.02 BTC, as the rate of reduction is greatly accelerated thereafter.
Similarly, a breakout occurred after a sharp divergence in the weekly RSI, located in the oversold area. After that, the RSI continues to move up and surpass the 50 level. The price has traded on the sunken candle rising weekly since this time.
Similar to XZC, DASH broke out from other short-term resistance lines, then increased sharply. The resistance took place for 163 days and DASH increased by 110%.
Compared to XZC, both the resistance line and the price increase are larger. From the current price, a 50% increase in the DASH is likely to lead to a breakdown.
Current DASH price | Source: Coinmarketcap
We have tried to use moves from XCZ and DASH to make predictions about future XMR price movements.
XMR has broken out of the descending resistance of 539 days, causing it to drop 75%. Although the length of the line is similar to XZC, the discount is smaller than both XZC and DASH.
The breakdown level is found at 0.012 BTC.
Similar to the other two coins, XMR broke out of the short-term resistance line on January 11. This line formed in 139 days.
However, XMR has surpassed the 200-day MA but a quick move has not yet taken place. If the price does, it will rise and hit the target of 0.01 BTC as stated in the tweet.
In addition, due to the increase of XZC, DASH and the position of the previous breakdown, the author predicts the price could rise to 0.012 BTC – an increase of 65% compared to the current price.
In general, XZC, DASH and XMR are gradually breaking out from the local resistance lines for more than 500 days. A breakout occurs after the formation of a bullish divergence in the weekly RSI and has moved above the 50 line.
In addition, the breakout occurred from a short-term resistance line and the upward speed was much faster, surpassing the 200-day MA. XMR has not yet begun this final upward move. If following the movement of XZC and DASH, Monero will soon accelerate and reach 0.012 BTC.
Current XMR price | Source: Coinmarketcap
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Bitcoin Magazine | Beincrypto
Crypto loans are only from 5.9% annual interest rate – you can use the money effectively without selling coins. Earn up to 8% interest per year with stablecoin, USD, EUR & GBP with insurance up to 100 million.
- Learning English communication quality where?
- Cá Lớn Cá Bé [By Micro Game]
- Corona virus seriously affects Bitcoin mining activities in China
- How to manage add-ons installed on Google Chrome super fast – Knowledge sharing blog
- Crypto News April 3: Bitcoin race is about to begin with Ethereum, Ripple, BitcoinCash, VNDC, IOTA, Coinbase, Huobi, Factom, tBTC news