FieryTrading

🔥 XEM Long-Term Opportunity: Strong Upside

Long
KUCOIN:XEMUSDT   NEM / Tether
XEM has been one of the bigger losers since the BTC drop in May. It's important to note that XEM has seen its top on the 3rd of March, whilst the altcoin market saw the high halfway May. This means that XEM has already been trading down for 10 weeks whilst the majority of the alts were seeing great returns.

At the low in late June, XEM has lost over 91% of its value, one of the biggest losers since the top. At the moment, XEM is trading around a 83% discounted price since the top, where most alts are trading between 50%-60% of the top.

To me, this indicates that there's a lot of upside for XEM currently, making it a very decent long-term hold till late 2021 or early 2022 (depending on the state of the market).

I'm currently waiting for either of two things to happen:
1) XEM will pierce through the blue resistance line and will get through the yellow area of resistance. This would be an indication of regained strength, and we could see a further upside move in the long term.
2) XEM will fail to break out as mentioned in 1), and will decline towards the June low. I'm not expecting the price to go any lower than that, so buying in around there would be ideal.

My target for the long term would be the current top around $0,80. Depending on which of the prior two predictions plays out, we can either see 400% or 800% gains in the future.

Happy trading!
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