XEM Not Bringing Anything to the Table

It has been a while since we covered this coin, so we’ll just get right into it here.


The uptrend resistance on the H4 chart, depicted above cannot be denied. There are three solid established points (including the beginning point), that render the line valid (for the time being).

However, if one looks close, it does appear as though the price is falling below the support point (which would be a really bad sign for hodlers + bulls).

Let’s zoom in and take a look, shall we?


The statement made in the chart above will tell you everything you need to know about our disposition on this particular angle of the trade.

Let’s Check Out the Downtrend Resistance


Now, let’s get a glimpse of the daily chart:


View of $XEM on the daily resolution not much more optimistic than what we’re looking at now, unfortunately.

Let’s check out what could possibly be waiting for us on the horizon.

Overall, the chart formation here is what is known as a descending triangle.

Yes, it is bearish and yes, it does appear as though this has the latent potential to complete itself.

Relative Strength Index(14)


RSI(14) on the daily resolution for $XEM is nothing to write home about either.

Conclusion

This is another bearish coin and if there was an option to place a short on it, then we would proceed accordingly.

Since there isn’t, our current idea is to not enter into this cryptocurrency.

Disclaimer: This is not trading/investment advice and this was curated by someone that has absolutely no position in $XEM or any competing cryptocurrency in the market.