Hey Traders,
As you can see, the Weekly Candles of XMR (Xonero) reveal a Falling Wedge pattern via the bodies. After a large downtrend, the 0.618 level from the peak to the trough is the most common retracement zone (AKA the Golden Pocket). The price breakout out of the falling wedge is also set near $400 (based on the first impulse-up move within the pattern). The ABCDE Elliot wave is not that accurate so it is just for show... Tp at $380
Another reason why XMR recently pumped is that an exchange had someone's balance on paper, not actually in reserves. So someone with a very large amount needed to withdraw so the exchange bought the XMR all at once in order for the person to move it. This was a coordinated move by the Monero community to test the exchange's reserves which ultimately proved correct.
Safe Trading,
-Pulkanator
As you can see, the Weekly Candles of XMR (Xonero) reveal a Falling Wedge pattern via the bodies. After a large downtrend, the 0.618 level from the peak to the trough is the most common retracement zone (AKA the Golden Pocket). The price breakout out of the falling wedge is also set near $400 (based on the first impulse-up move within the pattern). The ABCDE Elliot wave is not that accurate so it is just for show... Tp at $380
Another reason why XMR recently pumped is that an exchange had someone's balance on paper, not actually in reserves. So someone with a very large amount needed to withdraw so the exchange bought the XMR all at once in order for the person to move it. This was a coordinated move by the Monero community to test the exchange's reserves which ultimately proved correct.
Safe Trading,
-Pulkanator