XMR is presenting a long term favourable bullish structure.
Technicals:
Areas to monitor would be a breakout of the orange trendline to the pattern target of 35.2% from breakout and ~$517.60 for the handle neckline. A "perfect breakout" of the handle would implicate a price target to ~56.66% ($816.69) as per historical statistics.
Also note that the average historical price rise for a "perfect breakout" for this pattern is recorded as 54%.
Moonero? Let's see.
This is not financial advice and always DYOR.
Technicals:
- Volume has increased into and during the handle, conforming to pattern expectation.
- Triple bullish divergence on RSI (indicating a significant decrease in downwards momentum), which has the potential to close above 50 this week - indicating momentum passed equilibrium point in terms of oscillation (to the upside).
- Stochastics (green & red) are presenting a fresh weekly cross above $223.43, which would imply an upwards oscillation is commencing.
- BBWP (volatility indicator) has increased from significant lows (<2%) and continues to present an increase alongside momentum. This is a good indication of a potential longer term, large move incoming in favour of the upside.
Areas to monitor would be a breakout of the orange trendline to the pattern target of 35.2% from breakout and ~$517.60 for the handle neckline. A "perfect breakout" of the handle would implicate a price target to ~56.66% ($816.69) as per historical statistics.
Also note that the average historical price rise for a "perfect breakout" for this pattern is recorded as 54%.
Moonero? Let's see.
This is not financial advice and always DYOR.
Comment:
Reeeeeekt right alongside BTC
Comment:
Thought I'd update this. XMR is still in the cup and handle structure and may have potentially completed an ABC correction.
