PRV price analysis (TA)

Greetings,
I’m Tai, you may know me as a creator of Light Shadow Box,
I’m also a Technical Analysis crypto investor, here are some thoughts on PRV price action.

I. PRV price history

Volume Surges (1)

Take away: PRV tends to react in some critical price milestones:

  • $0.5 - $1 - $1.5 - $2 - $2.5
  • each time PRV broke the previous price milestones, it flipped that as support and went higher
  • Current price milestone to break: $2.5, as long as PRV broke through $2.5, retested it as support, i believe we would see $3 PRV soon.

Another perspective on this uptrend:

Frame 26

II. Past retracements

We’ve had 3 big retracements at: $1 - $1.5 - $2.5

Volume Surges (2)
Take away:

  • PRV is maturing by each price jump
  • Volume is at peak on this 3rd retracement, but price volatility stays the same (around $0.5)

I do consider PRV is in a healthy uptrend, where it can absorb more trading volume with less volatility.

III. When to buy

In bull market, every retracement can be your buying opportunity

1st thesis:
I’ll load more PRV if it meets $2 again,
If $2 cannot hold, 2nd support can be around $1.5
Volume Surges (3)

2nd thesis:
PRV can also react if it meets this trend-line
Frame 25

III. Risks

On 11th Jan, we see a pretty big selling pressure on PRV-USDT,
This can be a first sign of a up-trend ending on PRV, PRV can either go down or side-way consolidations. But still, we have major support ranges as i mentioned above.

It’s all about probability.
Frame 27 (1)

[NOT A FINANCIAL ADVICE] the idea is to give some more perspectives for new comers and investors.

20 Likes

This is really good insight. I think its important to note what was going on during those peaks as well. That 1st dip was the change over from V1 to V2 in the now provide section. The second spike I believe talked about on here was someone taking advantage of an arb situation. I think they brought in 100k or something all at once? And the third spike i believe is in direct correlation with the bull run on BTC. Overall a good upward trend. I have PRV at $3.50 by June as it stands.

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Totally true, that’s a pretty good insight.
The chart would be even better and tell much more story if we have a weekly chart, @inccry can you consider adding it.

3 Likes

That’s a good idea, I will add 1 week and 1 month periods. Charts have been created when pDEX was 2 months old, that’s why I didn’t provide this kind of periods.

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I’ll try to add a logarithmic view too, it’s weird to see TA on non log charts :wink:

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PRV long term at least 10$, i believe that

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Weekly chart added :wink:

Capture d’écran 2021-01-18 à 13.33.15

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