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Cryptoknowmics 2022-05-14 07:31:08

XEM Technical Analysis: Buyers Rest After Shattering $0.50

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. Source-Tradingview 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 ...

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