menuIcon
$ 96,877.8
BTC
$ 96,877.8
2.35 %
$ 1,840.91
ETH
$ 1,840.91
1.69 %
$ 0.7057
ADA
$ 0.7057
2.39 %
$ 601.54
BNB
$ 601.54
0.00 %
$ 150.32
SOL
$ 150.32
0.92 %
Vikram
May 14, 2022
by Vikram

XEM Technical Analysis: Buyers Rest After Shattering $0.50 

XEM
XEM price action displays a retest of $0.50 breakout with a Doji candle forming in the daily chart. Should you expect a post-retest reversal to reach $0.10?

Key technical points:

  • The XEM prices grew by 17.96% last day.

  • The K and D lines start a new bull cycle.

  • The 24-hour trading volume of NEM is $63.78 Million, indicating a 45% hike. 

    • Past Performance of XEM

    With the start of April 2022, bears overtook XEM prices' trend control, resulting in the downside breakout of a consolidation zone above $0.10. Then, with the formation of three black crows or three consecutive bearish candles, the downtrend consolidates at $0.09, as we mentioned in our previous article, before succumbing to the recent market correction. 

    The downfall accounts for a 70% decrease in 40 days and brings market value to $0.03, but the morning star pattern with a bullish engulfing candle accounting for a 38% jump retakes $0.50.

    TradingView Chart

    XEM Technical Analysis 

    As we can notice in the XEM/USD technical chart, the freshly bullish candles face higher price opposition above $0.50, resulting in a long-wick formation. Hence, the chances of failure increase which may shortly drive the prices under $0.50.

    The falling trend of the crucial daily EMAs while maintaining a bearish alignment displays the long-term correction phase. Hence, the EMAs will provide dynamic resistance to bullish growth.

    The RSI slope surpasses the 14-day average after exiting the oversold zone but leads into a sideways trend. Furthermore, the Stochastic RSI displays a new bull cycle in action as the K and D lines start to rise in the neutral territory.

    Therefore, the momentum indicators show a power transition to the bullish side and suggest a post-retest reversal.

    In short, the XEM technical analysis forecasts an uptrend continuation to the $0.10 mark.

    Upcoming Trend

    A post-retest reversal will drive the uptrend to the $0.10 mark if the trading volume continues to support the XEM uptrend. However, a failure to sustain above the $0.050 will restart the downtrend to $0.035.

    Support Levels: $0.035 and $0.025

    Resistance Levels: $0.071 and $0.10

    Follow us on: News
    NEM XEM
    XEM Technical Analysis: Buyers Rest After Shattering $0.50 
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

    Top Picks