Positive PIVX news related to a privacy law led to a price increase.
The PIVX price broke out from a descending resistance trend line.
Can the PIVX upward movement continue the rest of the year?
The PIVX price had fallen for more than two years but surged this week after positive news about Denmark withdrawing a law that will require scanning of private and encrypted communications.
Privacy advocates strongly opposed the move, and PIVX, specializing in data protection, hailed the news as a massive win for privacy.
The PIVX price responded positively to the news, breaking from a 720-day diagonal resistance trend line.
Let’s examine the price action and determine what lies ahead for PIVX for the rest of the year.
PIVX Price Breaks Out
The 3-day PIVX technical analysis shows that the price has increased since the start of the month.
Breakouts from such long-term structures often lead to a significant and sustained upward movement.
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Despite the lack of a close, momentum indicators are bullish. The Relative Strength Index (RSI) is above 70, and the Moving Average Convergence/Divergence (MACD) is positive.
No bearish divergences are in place, so the PIVX upward movement could continue, triggering a close above the $0.370 resistance area.
Why is PIVX Going Up?
The long-term wave count aligns with the bullish PIVX price action, indicating that the upward movement is likely to continue in the short term.
According to the count, the PIVX price is in wave C of an A-B-C correction (black), which will take it to a several-year high.
If waves A and C have the same length, the price of PIVX will hit a high of $0.65, reaching the resistance trend line of an ascending parallel channel that has contained the movement since 2022.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
