XEM Technical Analysis: The Last Chance For Buyers To Revolt
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Beginning in January 2022, a narrow consolidation began above the $0.09 range, which is the last chance to change the course of events in the XEM market. On the one hand, the weak rebound of the XEM price in the liquidity range and low trading volumes indicate the unwillingness of buyers to start their trend. However, everything changed after the closing of the weekly candle on 11 April.
On the weekly chart, we see that after several attempts by buyers to take control of the local mark of $0.125, the XEM price began to fall again. But, in the 2 weeks since 4 April, sellers have not shown enough strength to break down the consolidation. Neither weekly candles nor trading volumes are dangerous. In addition, sellers were unable to update the local low from 21 February. The top trend line of sellers narrows the XEM trading range as much as possible.
Given the local weakness of sellers over the past two weeks, we expect a breakdown of $0.125 and continued growth to $0.142. Given the prolonged fall wave, it may take longer to change the trend. Therefore, for a start, consolidation can be significantly expanded. However, our main target in the medium term is $0.22.
XEM Technical Analysis On The Daily Timeframe
Analyzing the XEM price movement on the daily timeframe, we see a possible decline in the price to $0.095. At the local mark of $0.1, sellers formed a stronghold that does not allow the XEM price to continue to move within the consolidation of $0.09-$0.125. However, this small hurdle will be completely removed after the last test for the strength of buyers in the range of $0.095. If buyers do not allow the XEM price to be updated at a low, we will see a rather high growth wave, which will stop no earlier than around $0.125.
Our confidence is based on the analysis of trading volumes for the period from 16 March. Notice how trading volumes increase from mid-May as XEM prices grow. Yes, sellers were able to stop this local venture of buyers, but near the mark of $0.125 recorded high trading volumes. This shows a real struggle. Though, during the local fall wave and the $0.095 test on 11 April, trading volumes were steadily declining. This indicates the unwillingness of sellers to actively pose for XEM in this price range. Therefore, despite the weakness of this cryptocurrency, we expect the formation of a new growth wave in the near future.
The XEMBTC Price Significantly Slowed Down The Fall Wave
The weekly timeframe of the XEMBTC price movement reminds us of the global exhausting downward trend. From February 2018 the cryptocurrency can not stand up and start development. However, if we take the dynamics of the fall of May 2021, we see that in recent months, local lows are getting worse. Buyers have lost control of the 0.00000350 range and this does not allow them to plan large upward impulses. However, the chance to test this range in the near future is our main scenario at the time of writing. Until the XEMBTC price is fixed above the mark of 0.00000350 to take a long-term investment in XEM, we would not advise.