Haven Protocol (XHV) Shows Strong Signs of Bottoming After 90% Crash

Haven Protocol ( XHV ) showed signs of returning to its bullish form, with its price doubling in just five days of trading. What’s Pumpi...


Haven Protocol (XHV) showed signs of returning to its bullish form, with its price doubling in just five days of trading.

What’s Pumping Haven Protocol?

The price of XHV has jumped as much as 107% since the start of the week to surpass $3.60 on March 11, its highest level in more than three months. Interestingly, the upward movement followed a period of aggressive liquidations which saw the value of XHV fall from nearly $20 in November 2021 to $1.60 in early February 2022, a decline of around 90%.

Interestingly, the upward movement followed a period of aggressive liquidations which saw the value of XHV fall from nearly $20 in November 2021 to $1.60 in early February 2022, a decline of around 90%.

XHV/USD weekly price chart. Source: Trading View

Traders began to return to the Haven Protocol market against the outlook for two macro scenarios: the US President Joe Biden’s Executive Order which focuses on cryptocurrencies and hard lines Western sanctions against Russian oligarchs amid a military escalation between Ukraine and Russia.

In the order titled “Ensuring Responsible Development of Digital Assets,” President Biden directed federal agencies to submit reports on cryptocurrencies and to consider introducing new regulations for the sector.

Meanwhile, the Western powers decided to Exclude Russia from the Swift Global Banking System while imposing targeted sanctions on some of the wealthiest people in the country.

Crypto investors have taken the effects of these two updates into account, deciding to raise the prices of privacy-protected digital assets that promise to secure financial transactions from regulatory watchdogs.

Accordingly, Monero (XMR), Kyber Network (KNC), Tornado Cash (TORN) and other privacy coins outperformed the crypto market massively this week.

Haven Protocol, a fork of the Monero blockchain that bills itself as an “offshore bank,” appears to have rallied to a similar sentiment.

Fractal suggests more gains for XHV

The recent wave of buying in the Haven Protocol market may also have emerged due to a months-long level of technical support.

Related: FBI Director: Russia Overstates Its Ability To Evade US Sanctions Using Crypto

XHV price rebounded after failing to close below its descending channel support on multiple attempts, as shown in the chart below.

Notably, the token’s last 90% drop to the same low price in 2021 resulted in a strong upward retracement from around $2.50 in June to around $20 in November.

XHV/USD weekly price chart with descending channel. Source: Trading View

XHV price hints at a similar and prolonged upward rally after its latest rally. By doing so, the Haven Protocol token could retest the resistance trendline of its descending channel setup – around $10.

Conversely, a downside risk is falling below XHV’s previous support lines in the $1.00-$1.50 range.

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