Both ZCoin (XZC) and DASH have increased by more than 100 percent since the beginning of January. The Monero (XMR) price has yet to undergo a similar increase but it has practically mirrored their pre-breakout movements.
Altcoin Price Highlights
- XZC broke out above a 574-day downward trend.
- It has the potential to increase for another 75 percent.
- DASH broke out above a 721-day downward trend.
- It has the potential to increase for another 50 percent.
- XMR broke out above a 589-day downward trend.
- It has the potential to increase for another 65 percent.
- All three are trading above their 200-day moving averages (MAs).
Is the movement of these three coins similar? If so, can we use the movement of the other two to predict the XMR future price? Let’s take a closer look at each of these coins individually and reach a verdict.
$XMR should follow $XZC and $DASH— Johnny Woo (@j0hnnyw00) January 29, 2020
You're too late. C'mon baby. pic.twitter.com/TbOe53aGyc
ZCoin (XZC)In November 2019, the XZC price broke out above a descending resistance line that had been in place for 574 days. While following this line, the price had decreased by 90 percent. The most important resistance area is found at 130,000 satoshis, which also serves as the previous breakdown level. Prior to the breakout, the weekly RSI generated bullish divergence near the oversold region. Shortly after, it successfully completed a failure swing bottom and moved above the 50 line. This is a strong sign of reversal that has recently been visible in numerous altcoins. Since then, the Zcoin price has been increasing rapidly — creating two bullish engulfing weekly candlesticks. Afterward, there was another breakout from a short-term descending resistance line on January 5, 2020. This line was in place for 92 days. Since then, the XZC price has increased by 100 percent over 25 days. This movement has caused it to move above the 200-day moving average (MA). It is possible that this increase continues until the price reached the 130,000 satoshi breakdown level, which would entail a 75 percent increase from the current price.
DASHIn September 2019, the DASH price broke out above a 721-day downward trend, which is longer than that of Zcoin. While following this resistance line, the DASH price had decreased by 91.45 percent. While not as clear cut as in XZC, the breakdown level is at found at ₿0.02, since the rate of decrease accelerated greatly afterward. Similarly, this breakout was preceded by strong bullish divergence in the weekly RSI, which was in the oversold region. Then, the RSI continued to move upward and crossed the 50-line shortly after. The price has created on bullish engulfing weekly candlestick since. Similar to XZC, the DASH price broke out from another shorter-term resistance line, after which the rate of increase accelerated greatly. The resistance line was in place for 163 days. DASH increased by 110 percent, afterward. Relative to XZC, both the resistance line and the and the price increases were bigger. From the current price level, there is the potential for a 50 percent — increase which would take the price to the breakdown level.
Monero (XMR)Now, we will attempt to use the movement from XCZ and DASH in order to make a prediction about the future XMR price movement. XMR broke out above a 539-day descending resistance line which had caused it to decrease by 75 percent. While the length of the line is similar to XZC, the price decrease was smaller than both XZC and DASH. The breakdown level is found at ₿0.012. Similar to the other two coins, XMR broke out from a shorter-term resistance line afterward, on January 11. This line had been in place for 139 days. However, while XMR has moved above the 200-day MA, the rapid price increase has yet to occur. If the price does that, it should increase and reach the target of ₿0.01, given in the tweet. However, due to the magnitude of the increases of XZC and DASH and the position of the previous breakdown level, we would not be surprised if the price increased all the way to ₿0.012 — an increase of 65 percent from the current price level. To conclude, all three of XZC, DASH and XMR broke out gradually from resistance lines in place for 500+ days. The breakout was preceded by bullish divergence in the weekly RSI, which afterward moved above the 50-line. They followed this up with a breakout from a shorter-term resistance line, after which the rate of increase accelerated greatly and they moved above the 200-day MAs. XMR has yet to initiate this final upward move. If it continues following the movement of XZC and DASH, it will soon accelerate the rate of its increase and reach ₿0.012.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.