- XEM coin bears reclaim the 50 EMA in the daily time frame chart
- The XEM/BTC traded at 0.000003175 BTC, with a loss of 1.86%
- The XEM’s 24-hour trading volume is $123.9 Million, indicating an 80.06% gain
On September 30, the XEM coin price bounced from the $0.135 support with a morning star candle pattern. The price provided a strong follow-up candle and started displaying a remarkable V-shaped recovery in its technical chart. Currently, the XEM coin is at the doorstep of a $0.109 resistance level and has provided an evening star candle pattern.
Regarding the EMA’s, the XEM coin price is trading below the trend defining 100 and 200 EMA, projecting a downtrend in this coin. However, the coin buyers have reclaimed the 20 and 50 EMA.
The RSI value is 58, indicating a bullish sentiment for the XEM coin price.
The XEM Coin Chart In the 4hr time frame
The XEM coin reveals an excellent long opportunity for its crypto traders with head and shoulder pattern formation in the 4hr time frame. These traders can draw a trendline to mark the crucial resistance for this pattern. Once the price provides a proper breakout from this line, the XEM traders can consider positioning their funds in this coin.
As per the Supertrend indicator, the XEM coin is currently in an uptrend.
The moving average convergence/divergence indicator(MACD) indicator shows the MACD and signal lines moving above the neutral zone, indicating the overall bullish momentum in the market. However, the indicators have also provided a bearish crossover of these lines, suggesting the strong momentum selling in this coin.
Conclusion: from the technical perspective, the XEM coin is under a short-term bearish trend. However, with the current bullish outlook is its price action, the crypto traders can look for some quick long opportunity in this coin.
Support – $0.17
Resistance – $0.19