A few things have happened since Sunerok showed signs of life on twitter recently. Price action has done well to find support at the key 38.2 fib level (846 sat). As we move forward the next few days I want everyone to keep this level in mind as a mental stop loss (I am not suggesting you place a hard s/l here). Currently XVG has broken into the kumo and based on the increasing buy volume I expect it to try and perform a bullish kumo breakout in the near future (next few days as wraith is released). We can see that the bottom of the kumo has flattened out, this is usually a strong sign of support and will outline potential re-entry targets for those of you who missed the boat or are trying to jump on. If we look at the green trend line we see price action fell briefly below it as a shake out of weak hands and panicked investors worried about wraiths legitimacy.
Therefore, I expect XVG to break above this level shortly and test the first resistance of the Kijun-sen at 1371. The next resistance level of 1470 sat closely relates to the 78.6 fib (1496). Once these resistances are broken I expect a retest of XVG’s ATH of 1840 (candle close) with a target of 2.5k sats as the first level any serious profit should be taken. While I’m not an oracle and don’t claim to be one. I do expect XVG to test 50 cents and 1 USD fairly soon upon wraiths successful release.
Optimal Entry: 1000 sat
Likely Entry: 1000 – 1040 sat
Optimal Profit: 2.5k+
Interim Targets: 1450, 1800, 1999
S/L: 650 (below previous horizontal support) OR 600 (below the 23.6 fib in case of a sharp wick)
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