Formation Of Parallel Channel:
On week chart after hitting the $38.50 price the price action has found the support at $44 and since Dec 2018 the price action is consolidating here and moving sideways.
In the meanwhile the candle sticks are moving up and down and formed a and the resistance of this channel is at $121.
channel is very firm as the resistance or support are not broken since Dec 2018. This time after recent the price line has again hit the support of this channel and likely to move up.
Oscillators and indicators:
On week chart the moving average convergence divergence is turning and has also turned . The is also likely to give bull cross very soon.
The recent has helped many tokens and cryptocurrencies to complete their final legs to form patterns and Monero was also one of them. On 2 day chart the XMR formed a pattern at the support of the parallel that the Monero has formed on the weekly chart. And as per Fibonacci sequence the priceline was suppose to take the and move up from the potential reversal zone of this .
I also published this move in my article on 17th of March 2020 and now at this time the priceline has moved up as per prediction and entered in the of A to D leg of this pattern.
A very big pattern move:
Now at this time I am again looking at the very big pattern that has been formed by the priceline of XMR on monthly chart. And we can examine that the price action is moving at the support of the potential reversal zone of this very big pattern. Once the priceline will be able to break out from the resistance of the that has been formed on weekly chart then soon it will also hit the of A to D leg of On monthly chart as well and in this case Movero can produce more than 584% massive rally.