Haven Protocol Showed Signs Of Bottoming After Crashing By 90%

Haven Protocol showed signs of bottoming after dropping by 90% while the Monero blockchain fork surged by 100% in the past five days against the rising appetite for the privacy coins so let’s read more about it in today’s altcoin news today.

Haven Protocol showed signs of going back to its bullish form as the price doubled in about five days of trading. The price surged by 170% week to date to climb above $3.60 which is the highest level of mroe than three months. The move upside followed the period of aggressive selloffs which saw the price drop to $20 in 2021 to a new low of $1.60 in early February 2022 whch is a 90% decline.

Privacy coins have surged, with #Monero posting +26% gains over the last 24-hours to lead the top-100.

During times of unprecedented censorship in the crypto world, no wonder that the price of privacy coins, like $XMR, is surging. #XMR

— Weiss Crypto (@WeissCrypto) March 9, 2022

The traders started returning to the Haven Protocol market against the prospect of the two macroeconomic scenarios which include US President Joe Biden’s order that focuses on cryptos and hardline western sanctions on Russian oligarchs amid the escalating military standoff between Russia and Ukraine. In the order dubbed “Ensuring Responsible Development of Digital Assets”, Biden directed federal agencies to submit the reprots on cryptos and consider bringing new regulations for the sector.

In the meantime, western powers decided to cut Russia out of the Swift global banking system while imposing sanctions on some of the country’s richest individuals. The investors priced in the effects of the two updates which decide to bid up the prices of privacy-based coins that promise to secure financial transactiosn from the worldwide regulators. Monero as a result, Tornado Cash and Kyber Network and other privacy coins outperformed the market this week. Haven protocol is a fork of the Monero blockchain which promotes itself as an “offshore bank” and it seems that it rallied on the market.

The bout of buying in the Haven Protocol market could have also emerged owing to the multi-month technical support level. The XHV price rebounded after failing to close below the dropping channels support on multiple attempts as it is seen in the charts. The token’s last 90% drop to the same price floor in 2021 whcih led to the sharp upside retracement from $2.50. the XHV price hints at a similar upside recovery after the bounce and in doing so, the Haven Protocol could retest the resistance trendline of the descending channel setup near $10. The pullback risk declines below the XHV support lines inside $1.0 and $1.50.