I was asked by someone to do a Monero analysis. I mostly do only ETH, XRP and LTC, the top coins, but I have to say that I sometimes forget the others.
Probably because they are all interconnected anyways, and they are very similar. They all follow BTC, no exceptions.
Copmaring XMR with for example LTC, we see that it is not quite as bullish. LTC made a fake breakout through the log resistance, but XMR stays firmly below it.
Now, depending on what BTC will do, I think that we'll see a bit of sideways until the real BTC drop begins (Except if BTC drop begins with the latest dump today, then XMR will also immediately dump from here).
I see the 17 USD as strong support, validated by the two peaks in the bullmarket, and followed by a low there immediately afterwards.
So this area will mark a quite perfect entry for XMR for the next rally, as all other coins: starting in 2020.
What will the XMR top be in 2022-2023?
Considering that XMR made an insane X2000 from the low to the top in the last bullmarket, this coin has quite some potential.
Maybe an X500 would seem more plausible this time, since the factors will decrease every rally. But still nice. A coin with good potential, and I might also buy into this coin when the BTC low comes.
Probably because they are all interconnected anyways, and they are very similar. They all follow BTC, no exceptions.
Copmaring XMR with for example LTC, we see that it is not quite as bullish. LTC made a fake breakout through the log resistance, but XMR stays firmly below it.
Now, depending on what BTC will do, I think that we'll see a bit of sideways until the real BTC drop begins (Except if BTC drop begins with the latest dump today, then XMR will also immediately dump from here).
I see the 17 USD as strong support, validated by the two peaks in the bullmarket, and followed by a low there immediately afterwards.
So this area will mark a quite perfect entry for XMR for the next rally, as all other coins: starting in 2020.
What will the XMR top be in 2022-2023?
Considering that XMR made an insane X2000 from the low to the top in the last bullmarket, this coin has quite some potential.
Maybe an X500 would seem more plausible this time, since the factors will decrease every rally. But still nice. A coin with good potential, and I might also buy into this coin when the BTC low comes.
I can see a retest of the log res happening, as support. Double bottom at 40 would be a strong bullish sign.
But it will really start taking off when the next big BTC bullrun starts happening.