Crypto Contest March 29: Primecoin

Primecoin (Poloniex: XPMUSD) has broken out of the triangle pattern in the weekly chart.

(Chart courtesy of Tradingview.com (log scale))

Elliott Wave Analysis

In Elliott Wave terms, Primecoin began a wave one leading diagonal advance in April 2015. The red wave one (blue sub-waves i-ii-iii-iv-v) finished in April 2018, and the red wave two (blue sub-waves a-b-c) correction ended in February this year. If this wave count is correct, Primecoin should be heading next towards the April 2018 peak in the red wave three.

(Chart courtesy of Tradingview.com (log scale))

Funnymentals

Primecoin is a Proof-of-Work cryptocurrency based on searching for prime numbers. You can view their introduction video below.

(Sources:

About the author: Markus Aarnio

I have 20 years of investing experience. I have traded stocks, commodities, cryptocurrencies, and forex markets.