A comprehensive view of the price action since the low of $24 in MARCH 2020 reflects a MACRO 4th wave completion and the beginning of an extended MACRO 5th wave towards much higher prices in the range of $2000-3000; I have linked my long term analysis Idea of Monero below which you can check out for a more layered appreciation of where price can head which further compliments ideas discussed in this article and the sentiment of this asset overall. Monero exhibits a clean wave cycle since the bottom of the MACRO WAVE 4 completion, with a clear Minor wave 1, into an accumulative type consolidation structure followed by a clean 5 wave structure up indicative of Minor Wave 3 completion; however, what we see from the Minor Wave 4 bottom is that the 5th is expanding, or in other words getting very large or in terms of it is getting extended, where further subdivisions or fractals within waves can be playing out which is indicated on chart. This further compliments the idea that as you build a large move, the start (bottom since $24) take a lot more time but as you get towards the end tailgate of the MACRO move price begins to move more and more parabolically and price gains are quicker in duration. Furthermore, to add to the sentiment is that we have broken the weekly which usually leads to strong impulses to the upside, Price has held the channel as support and looks to impulse higher; additionally, we have strong candle structure at these levels with strong wicks to downside suggesting there is strong buying demand and that the asset is undervalued and subjective to price growth. In this Minor 5th wave as indicated on chart price the fractals are getting more and more extended, which compliments my long term analysis of Monero (ARTICLE BELOW) that Monero may rise to $1300 region before correction/consolidation before more growth in a terminal move.
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