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The Fibonacci retracement tool allows traders to identify potential support and resistance levels based on historical price movements. In this analysis, the chart is viewed logarithmically to ensure accurate Fibonacci level representations, essential for long-term predictions.
The targeted price ranges, following the analysis, indicate a conservative estimate for Monero residing between $1,500 and $2,428 by 2025.
Elliott Wave Theory
In conjunction with Fibonacci tools, the Elliott Wave theory provides insight into market psychology, suggesting that price movements often follow specific wave patterns. Using this approach, a three-wave structure is anticipated as part of Monero's projected price movement towards its forecasts.