Can Deep Onion Break The $5 Resistance?

When the price of Deep Onion stood at around $0.60 for a long time, dedicated members of Deep Onion always believed that the price of Onion will rise sooner or later. Different projections were put forth analyzing the possible future prices of Deep Onion. The projected prices ranged from $10 to to $1000.

The recent aggressive marketing campaign of the devs, moderators and community members successfully translated to increased valuation for Deep Onion. The rise of Deep Onion from its long time range of $0.60 to $1 was gradual. Even the price movement from $1 to $2 was also a slow growth. What surprised many was the speed at which the Deep Onion price rose from $2 to $4.29. This surge just happened last week and the price almost hit the previous high of Deep Onion at $5 made last August.

The price of Deep Onion has since retreated from $4.29 and is now trading at $3.16 at the time of this writing. If the price can consolidate at above $3, there is a possibility that Deep Onion can break the all-time-high value of $5. A break of $5 will enter into new price territory without any known price resistance.

If we look at the current Deep Onion price chart, there is a possible cup with handle pattern that seems to be developing. The possible target price of a successful cup with handle formation can be determined by subtracting the trough of the cup from one of the peaks of the cup formation. We then add this value to the possible breakout point of $4.29.

Recent peak of cup = $4.29
Trough of cup = $0.60
Measured move = 4.29-0.60 = 3.69
Possible target price = $4.29+$3.69 = $7.98

The possible target price of Deep Onion is around $8. Possible target prices using technical analysis of price charts are just estimates. Actual market prices depend on many factors such as Bitcoin price, market sentiment and Deep Onion features development. Actual prices may or may not exceed the possible target price.

The critical value to watch out in Deep Onion price movement is the $5 value. If the $5 price is broken to the upside with large volume, hold on to your Onions and enjoy the ride.

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https://deeponion.org/community/threads/deeppoints-activated-introducing-deeppoints.4926/

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