Home Crypto Crypto Market Analysis XEM/BTC Finally Poised To Bounce?

XEM/BTC Finally Poised To Bounce?

0
0

NEM (XEM)


Market Cap: $2.31B

Circulating Supply: 9.00B XEM

Max Supply: 0 XEM

Volume (24h) $ 17.15M

XEM/USD = $0.25736


Technical Analysis


XEM/BTC increased today and has resumed the last day’s humble gains. The price remains under selling pressure in the short term because it is still located below some very important resistance levels. A valid breakout above the near term resistance levels will bring us a great buying opportunity. The crypto pair dropped in the short term as the crypto market retreated.

The crypto market has shown some recovery signs in the last days, but we still need a confirmation that the major crypto will increase again.


 

You can see that the rate has found temporary support on the minor uptrend line and on the 50% Fibonacci line of the minor descending pitchfork. We can go long on this pair only after a valid breakout above the minor downtrend line and above the median line (ml) of the minor descending pitchfork. XEM/BTC failed to drop towards the 0.00002857 static support, signalling that the bears could be exhausted in the short term.

Price could continue to move sideways in the short term and could reach the 150% Fibonacci line of the major ascending pitchfork. The rate also failed to approach and retest the 50% Fibonacci line of the major descending pitchfork.

It could move towards the median line (ml) of the major descending pitchfork if it will make a valid breakout from the minor triangle (chart pattern).


Conclusion


We may have a great long opportunity if the rate will have enough energy to stay above the 0.00002857 static support and if it will jump and will stabilise above the median line (ml) of the minor descending pitchfork. We’ll have an important target at the median line (ml) of the major descending pitchfork.

LEAVE A REPLY

Please enter your comment!
Please enter your name here