DODO and Haven Protocol (XHV) Technical Analysis: What’s Next?
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DODO and Haven Protocol (XHV) Technical Analysis: What’s Next?

June 4, 2021      Dalmas Ngetich

Despite sharp reversals, DODO is bottoming up and may rally to $2.5. Meanwhile, the Haven Protocol remains in an uptrend as XHV bulls target $15.

Haven Protocol (XHV)

The Monero-based protocol integrates bulletproofs and other transaction obfuscating technology using the XHV coin.

Past Performance of XHV

After a stellar performance in the first quarter of the year, the XHV price sunk over 80 percent after peaking in April 2021.

The XHV price is bottoming up, building on the momentum of the tail end of May 2021.

Trading volumes are 60 percent to $2.6 million. Meanwhile, XHV rose six percent versus the USD, equally outperforming BTC and ETH by double digits.

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Day-Ahead and What to Expect

The XHV/USDT uptrend is valid as long as prices are above $8. From the daily chart and XHV technical analysis, buyers are picking momentum.

The primary support is at the 78.6 percent Fibonacci retracement level of the Q1 2021 trade range.

A build-up above the middle BB and $15 would mark the beginning of another wave up towards $30.

XHV/USDT Technical Analysis

XHV Price Daily Chart for June 4

From the daily chart, XHV/USDT prices are firm, and buyers appear to be in control.

Aggressive XHV traders may load the dips, targeting $15.

A complete reversal of May 19 losses and break above $15 may, in turn, see XHV/USDT double to $30—April 2021 highs.

If bears flow back, forcing XHV/USDT below $8, the uptrend will be canceled in a move where XHV may sink to new 2021 lows.

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Central to the proactive market maker (PMM) algorithm-driven DEX is DODO. There is better stability and liquidity from this unique AMM model because of the protocol’s use of oracles.

Past Performance of DODO

From the daily chart, DODO is struggling after being pummeled in the last few trading weeks.

Bottoming up from the psychological support line at $1, buyers are in the driving seat despite losses of the early Asian session. At spot rates, DODO trading volumes are up 43 percent to $38 million.

DODO is down five percent against the USD.

Day-Ahead and What to Expect

Despite the project’s value proposition, the token continues to underperform.

It sunk to as low as $1 before bottoming up to spot levels with decent trading volumes.

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Immediate resistances are the middle BB and $2.5.

DODO/USDT Technical Analysis

DODO Price Daily Chart for June 4

DODO prices are moving higher, rebounding from $1—new 2021 lows.

Technically, every low above $1 may present a buying opportunity for aggressive DODO traders aiming at $2.5.

A break above $2.5 reverses May 19 lows, fanning demand for a possible 2X rally to $5.

An unexpected dump below $1 nullifies the uptrend.

#DeFi #DODO #DODO/USDT #Haven Protocol #XHV #XHV/USDT
Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.