Hello Traders, Hope you are having a fantastic day. Today in this analysis, I want to talk about XEM. After a sharp correction from 0.60 to 0.30, XEM has been playing on a strong support level ( Purple range ) which has been tested several times as you can see. But what now?
There are 3 good positions for long in my opinion :
1) When it touches the strong support range around 0.30. 2) When it breaks out of the short term descending trend line ( yellow line ) and consolidates above the line. 3) When it breaks the strong support range of 0.30 and touches the Mid term trend line ( blue line ) around 0.28 ( which I don`t think is going to happen )
When XEM breaks the yellow line, First target is 0.40 and if it breaks the 0.40 resistance, I think 0.60 is easily reachable.
🚩 Always remember to put stop loss for your orders in order to reduce the risk of your trades. 🚩 Always keep an eye on BTC chart as well because it can affect the movement of altcoins as you all know my dear traders.
If you want to check out my analysis on BTC, I have linked it below and also don`t forget to follow me for further updates and new analysis.
Thank you so much for reading my idea on XEM. ✌
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XEM attempted to break out of the yellow line but has been rejected so NO buy position yet ...
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So XEM broke the descending line, let`s see 0.40 at least shall we? 😎
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It is a good place to enter in my opinion with the 1st target of 0.4$. You can just wait and get the next candle affirmation just in case.