Both ZCoin (XZC) and DASH have risen more than 100 percent since the beginning of January. The price of Monero (XMR) has not yet undergone a similar increase, but practically reflects their movements before the breakout.
Basic moments
- XZC broke above the 574-day downtrend.
There is potential for growth of another 75 percent.
- DASH has broken above the 721-day downtrend.
There is potential for growth of another 50 percent.
- XMR broke above the 589-day downtrend.
There is potential to grow another 65 percent.
All three are trading above their 200-day moving averages (MA).
Trader @j0hnnyw00 has posted a XMR price chart charting a future uptick with a target of ₿0,01 – about 35 percent above the current price. In addition, he stated that the breakout of XMR should be the same as that of Zcoin and DASH.
$ XM should follow $ Xzc and $ DASH
You're too late. C'mon baby. pic.twitter.com/TbOe53aGyc- Johnny Woo (@ j0hnnyw00) January 29, 2020
Is the movement of these three coins similar? If so, can we use the movement of the other two to predict the future price of XMR? Let's take a closer look at each of these coins and issue a verdict.
ZCoin (XZC)
In November 2019, the XZC price broke above the downward resistance line, which was in place for 574 days. Following this line, the price decreased by 90 percent.
The most important area of resistance is at 130 satoshi, which also serves as the previous breakdown level.
Prior to the breakout, the weekly RSI generated bullish divergence near the oversold area. Soon after, he successfully completed the breakdown of the bottom and crossed above the 50th line. This is a strong sign of a reversal that has recently been seen in many altcoins.
Since then, the price of Zcoin has been growing rapidly, creating two bullish absorbing weekly candles.
After this, on January 5, 2020, another breakthrough occurred from a short-term downward resistance line. This line has been in place for 92 days.
Since then, the price of XZC has increased 100 percent in 25 days. This move made him move above the 200-day moving average (MA).
It is possible that this increase will continue until the price reaches the breakdown level of 130 Satoshi, which will entail a 000 percent increase compared to the current price.
DASH
In September 2019, the DASH price exceeded the 721-day downtrend, which is longer than that of Zcoin. Following this line of resistance, the price of DASH fell 91,45 percent.
Although the breakdown level is not as clear as in the XZC, it is about 0,02, because after that the rate of decline significantly accelerated.
Similarly, this breakthrough was preceded by a strong bullish divergence in the weekly RSI, which was in the oversold zone. Then the RSI continued to move up and soon crossed the 50-line. Since then, the price has formed on the rising weekly candle.
As in the case of the XZC, the DASH price broke through from another short-term resistance line, after which the growth rate accelerated significantly. The resistance line has been in place for 163 days. DASH increased by 110 percent, subsequently.
Regarding the XZC, both the resistance line and the price increase were larger. From the current price level, there is the potential for a 50 percent increase, which will lead the price to the breakdown level.
Monero (XMR)
Now we will try to use the movement from XCZ and DASH to forecast the future price movement of XMR.
The XMR broke above the 539-day downtrend line, leading to a 75 percent decline. Although the line length is similar to XZC, the price reduction was less than XZC and DASH.
The breakdown level is at the level of .010.012.
Like the other two coins, the XMR broke out of the shorter resistance line afterwards, on January 11th. This line has been in place for 139 days.
However, although the XMR has risen above the 200-day moving average, rapid price increases have not yet occurred. If the price does this, it should increase and achieve the goal in .010.01, indicated in the tweet.
However, due to the magnitude of the increase in XZC and DASH and the position of the previous breakout level, we would not be surprised if the price rallied all the way to ₿0.012 – a 65 percent increase from the current price level.
In conclusion, all three of the XZC, DASH and XMR gradually broke through the resistance lines in place for 500+ days. The breakthrough was preceded by a bullish divergence in the weekly RSI, which subsequently moved above the 50th line.
They followed this with a breakthrough from the short-term resistance line, after which the growth rate accelerated significantly, and they moved above the 200-day moving averages. XMR has not yet started this last upward move. If he continues to follow the movements of the XZC and DASH, he will soon accelerate his growth rate and reach 0,012.