Hello Traders,
Today we will take a look at the weekly chart of Monero (XMR). It is evident that Monero has been underperforming this bull run due to its price action being rather bearish. The one red flag is that time after time Monero continues to be delisted off exchanges due to regulatory concern but, that does not change the stunning privacy technology the coin has to offer. However, I propose to you why a bullish continuation may take Monero to the upside. On the Weekly Candles of XMRUSD, a falling wedge pattern is playing out (measured by weekly candle closes, not wicks.) One of the standard methods of a Falling Wedge Pattern is taking the first Impulse-Up move of the pattern and then measuring it above the upper trend line of where the current price is looking to break Another alternative way to know what to expect for the Falling Wedge Pattern is that the price will eventually meet back of where the top of the wedge was, (both methods also can be applied to rising wedges inversely). Lastly, the Weekly Candle's MACD has been red for too long, it is bound to flip soon and the RSI is looking relatively neutral and receiving a tiny bullish divergence on the Daily. So I strongly believe that by April-May, that $500 is highly likely.
Safe trading,
-Pulkanator
Today we will take a look at the weekly chart of Monero (XMR). It is evident that Monero has been underperforming this bull run due to its price action being rather bearish. The one red flag is that time after time Monero continues to be delisted off exchanges due to regulatory concern but, that does not change the stunning privacy technology the coin has to offer. However, I propose to you why a bullish continuation may take Monero to the upside. On the Weekly Candles of XMRUSD, a falling wedge pattern is playing out (measured by weekly candle closes, not wicks.) One of the standard methods of a Falling Wedge Pattern is taking the first Impulse-Up move of the pattern and then measuring it above the upper trend line of where the current price is looking to break Another alternative way to know what to expect for the Falling Wedge Pattern is that the price will eventually meet back of where the top of the wedge was, (both methods also can be applied to rising wedges inversely). Lastly, the Weekly Candle's MACD has been red for too long, it is bound to flip soon and the RSI is looking relatively neutral and receiving a tiny bullish divergence on the Daily. So I strongly believe that by April-May, that $500 is highly likely.
Safe trading,
-Pulkanator