PIVX announcement on zPIV: market reaction aftermath
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PIVX has bottomed out on the September 12th, along with many other altcoins. It has tested btc 0.000126 at that time, while the RSI oscillator formed a bullish divergence. Since then price has been increasing steadily, but on the 29th of September there was a strong spike in trade volume, the highest since June.
Price jumped up, producing a strong spike on a daily chart , while reaching the btc 0.00022 high. The strong increase in volume could have been the result of the PIVX announcement on the twitter, made on the 21st of September. PIVX has twitted about zPIV supply (https://twitter.com/_pivx/status/1043203019297320960). In that tweet, PIVX announced about the 25% of the total coin supply being placed in zPIV, meaning that ¼ of PIVX coins are anonymous and are ready for staking.
It looks like market reaction was extremely positive to this news, although it took some time to react on. PIVX continues to trade upwards while priced producing higher highs and higher lows. It outperforms most altcoins in the recent days and today it is a top 1 gainer from the top 100 coins. PIVX has gained 3.36% as of now, while the bitcoin has lost 4.25%.
The positive trend for the PIVX is very likely to continue, although it has to break above the resistance. The resistance is seen at btc 0.0002, which has been previously rejected multiple times. At the same time it has to break the downtrend trendline that still hasn’t been penetrated. The RSI broke above the descending channel suggesting further price increase. Nevertheless, perhaps it is better to wait for the resistance breakout before considering buying PIVX.
When/if the resistance will be broken, price should grow towards one of the Fibonacci retracement levels, either 23.6% at btc 0.00027, or 38.2% at btc 0.00036. If resistance will hold, PIVX/BTC might re-test strong support at btc 0.00017, which is the level where most of the trading volume has been recorded since June. The downside risk should increase, in case btc 0.00017 is broken, and PIVX will likely test btc 0.00014 support.
In summary, PIVX increasing trade volume showing the interest in the coin. Short term uptrend remains valid, although to confirm further growth the resistance has to be broken.
Support:
- 0.00017
- 0.00014
Resistance:
- 0.00020
- 0.00027
- 0.00036
Disclaimer: This report is originally posted on TradingView and is for educational and informational purpose only. This post does not constitute an endorsement, recommendation, or offer to sell. Please be guided accordingly.
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