XMR: I was there, Gandalf. I was there 3000 years ago...In the crypto space, it's quite difficult to talk about long-term trading because very few coins actually survive for a long time and continue to show cyclical dynamics. But when such coins do appear, their setups can be published in a textbook on technical analysis.
On the weekly chart, we see a formed Wyckoff accumulation structure with almost all the features inherent to this structure on the chart.
We can see how smart money accumulated their positions from mid-2022, conducted a local rally in early 2023, thus forming a range in which we have been for almost 2 years .
This was possible due to the negative sentiment around the coin (tightening regulatory screws, delisting from a number of exchanges, including Binance on February 20, 2024 ) and the lack of speculative hype around XMR.
However, the price has now broken out of the range and confidently consolidated above it, and right now there is a good opportunity in terms of Risk/Reward to go long on XMR.
It should be noted that the trade will be positional, with a horizon of more than 6+ months. However, the wait may be justified because the volume profile on the chart does not illustrate large "walls," i.e., potential seller pressure across the entire price range up to the ATH . KRAKEN:XMRUSD
