Hello Traders😃 Today we will consider the trading pair XVS/USDT and tweak just a few things in our analysis. Alright lets start!
In our previous analysis (linked below) on XVS, we talked about how Venus could reach a price target of $500 & higher. In this analysis, we will add a few updates to that idea.
After readjusting the lower trendline and a few other adjustments, this is what I came up with for the coin 38 million kilometers away from the moon (good things take time no😜). After gathering more knowledge about Wave trading, i decided to re-do this analysis.
Currently XVS is resting just above the 0.5 fibonacci retracement level after a +12000% growth in its price from its listing date. Should this be the bottom, we will consider this a First Extension Wave (Rule states that if wave 2 falls into 0.5 fib territory, then wave 1 cannot be the longest). Should the above paragraph be the case for Venus, we then take the 61.8 measurement of wave 1 and target just below the 1.618 fib resistance for wave 3 as shown in the chart above.
However, if we do get a deeper retracement into the 61.8 fibonacci support, we no longer can say wave 1 will be the longest. Should that be the case, we could have a wave 3 extension instead, meaning price growth will be larger and longer than wave 1 (in this case, could be wave 5 extension too, but if wave 1 touches 0.5 fib, wave 3 cannot be the shortest of the 5 according to the rules).
If the first scenario plays out, Wave 3 target will be at about $400(middle of the park) and afterwards get a retracement wave 4 to current ath's and up all the way to $750 for wave 5.
Should the 2nd scenario play out, We would see a retracement from here back to the 61.8 fib support and with a larger global target of at least $1000, making it longer than wave 1 as stated earlier if certain conditions are met.
If you found this helpful or agree with this idea, a like, comment and share would be appreciated. Trade safe.🙏⚡
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Taking a look at the btc pair, we have a gigantic falling wedge nearing its apex. Fingers crossed we break to the upside and we will go to the moon for sure.
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XVS recently broke out from a bear flag it's been trapped in. This ia more confirmation and more bullish for our idea
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XVS recently got a bounce after retesting support of it's breakout from the downward sloping trendline. However, Currently below Major Channel Trendline Support, if price gets rejected once more or multiple times, we could drop back down to daily horizontal support.
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XVS is now trading below our ascending channel, should we fail to close back inside it, scenario 2 will be in 5th gear which would give us a bottom around the 123.6 fib level and is also backed by volume as shown by the volume profile tool
I have a question
Do you think this project is a dead project?