Key Takeaways:
- Privacy-centered blockchain network Haven Protocol’s XHV token jumped 154% in less than 3 days.
NEW DELHI (CoinChapter.com) — Haven Protocol, a blockchain platform that enables users to create private coins of both volatile and stable assets, saw its token rise nearly more than 154% since Mar 9.
The uptrend seems to come on the back of the growing popularity of crypto privacy coins. In detail, privacy coins are cryptocurrencies that obscure transactions on their blockchain maintain the anonymity of their users.
Following the exclusion of Russia from the SWIFT global banking system and with the other economic sanctions imposed on the country, it is likely that Russian investors would switch to privacy-centric cryptos to safeguard their money.
Crypto investors took this as a bullish signal to pump privacy coin prices, with cryptos like Monero (XMR) and Tornado Cash (TORN) leading the overall crypto market this week. Going with the flow, it seems Haven’s native token XHV began a rally that seems to indicate the token’s bear run has bottomed out.
Also Read: Institutional exposure to BTC products attained new heights in Feb ―Arcane Report.
The Haven Protocol token’s bear run wiped out nearly 95% of its value, going from $20.1 on Nov 15 to reach a low of $1.662 on Mar 8. XHV registered a gain of nearly 33% on Mar 9.
However, long wicks at the top indicate bears are profit booking during the relief rally. For example, Haven Protocol jumped nearly 72% on Friday before sell-off induced corrections pared gains.
Haven Protocol Paints A Golden Cross
If XHV continues to move up, it would first flip immediate resistance at $4.15.
Afterward, the Haven Protocol token would challenge resistance near its 100-day Moving Average (red wave) at $5.48 before moving to target resistance near $6.36. Additionally, the Haven Protocol token’s 26-day exponential MA (white wave) and 50-day MA (purple wave) formed a golden cross on Mar 9.
Meanwhile, momentum oscillator MACD’s histogram is painting expanding positive bars. The histogram plots the difference between the MACD line (difference between 12-day and 26-day EMA) and the MACD signal line (9-day EMA of MACD).
Expanding bullish bars indicate strengthening bullish momentum for the Haven Protocol token.
XHV’s Overbought RSI Might Cause Corrections
On the other hand, Friday, XHV’s relative strength index went into the overbought regions. To recap, an overbought RSI is often an indicator of a likely trend reversal for an asset.
Also Read: Binance seeks expansion beyond the crypto sector amid heavy regulatory scrutiny.
Haven Protocol’s RSI reached 75.02 on Mar 11. If XHV falls prey to a sell-off, the Haven Protocol token would likely move to support near $2.95. Moreover, if bears continue to book profits, XHV could crash below immediate support to reach $2.43.
Finally, Haven’s 50-day MA trendline provides a support level for the token near $1.90.
At the time of writing, XHV was trading at $3.49, up 38.4% on the day.
