Chain Price Analysis: Will XCN Escape this Interesting Pattern to Avoid Falling?

• Chain price is trying to retain its position out of an interesting pattern over the hourly price chart.
• XCN crypto is trying to sustain itself at the verge of the falling pattern.
• The pair of XCN/BTC is at 0.000004526 BTC with an intraday drop of 5.75%.

Chain price has been falling through a descending parallel channel over the hourly price chart. The token must sustain at the upper trendline of the falling pattern to start its recovery phase. The XCN coin should accumulate buyers during the intraday trading session to register its breakout from the descending parallel channel. XCN bears are trying to pull the token from the verge of the falling channel. XCN bulls accumulation is needed to let the token surge out of the channel. 

Chain price is presently CMP at $0.0952 and has lost 5.73% of its market capitalization in the last 24-hour period. Trading volume has decreased by 31.60% in the intraday trading session. Thi shows that bears are trying to pull the token towards the lower trendlinje of the falling parallel channel. Volume to market cap ratio is 0.006988.

XCN crypto must attract buyers to retain its position out of the declining channel. The token is currently trading under full control of bears and it must attract buyers to avoid getting caught in the short-sellers’ clutch. However, volume change can be seen below average and needs to sustain.

What do Technical Indicators suggest about XCN?    

XCN coin price is trying to surge out from the falling parallel channel. However, the token still needs to attract a significant amount of buyers to register its breakout. Technical indicators suggest the uptrend momentum of the XCN coin. Relative Strength Index showcases the uptrend momentum of the XCN coin. RSI is at 46 and is approaching neutrality. MACD exhibits the uptrend momentum of the XCN coin. The MACD line is about to cross the signal line upwards, registering a positive crossover. 

Conclusion    

Chain price has been falling through a descending parallel channel over the hourly price chart. The token must sustain at the upper trendline of the falling pattern to start its recovery phase. The XCN coin should accumulate buyers during the intraday trading session to register its breakout from the descending parallel channel. The token is currently trading under full control of bears and it must attract buyers to avoid getting caught in the short-sellers’ clutch. However, volume change can be seen below average and needs to sustain. Technical indicators suggest the uptrend momentum of the XCN coin.  The MACD line is about to cross the signal line upwards, registering a positive crossover. 

Technical Levels

Support Levels: $0.093

Resistance Levels: $0.095

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.