XEM (XEMUSDT/XEMBTC) Ready for 300%+ Breakout OR Slow Death?
Hi guys, this is OG back with another cryptocurrency update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
Today's analysis was requested by a community member @ahmadabdallah96. First, some background on the project. XEM/NEM is a legacy project that dates back to 2014 and was hugely popular during the last bull cycle, with a huge following in Japan, and was in the top 10 on coinmarketcap. It has since slid slowly but steadily down the market cap rankings, sitting at #62 at the time of writing.
Now, into the charts, on both the XEMUSDT and XEMBTC pairs, XEM is at a macro low. On the XEMUSDT chart, we see the low at 0.1355 and that price has tentatively broken out of the resistance trendline, suggesting that price might be getting ready for a move. If you believe in the fundamentals of the project, this could be a good place to start scaling into a position as it offers great risk reward. If price breaks and has a daily close below the low of 0.1355 (which could be a drawdown of 20-30% depending on how fast the drop occurs), then consider taking a stop loss and potentially re-entering later. If that low holds and price starts to slowly move up or continue to consolidate, you can hodl until price starts to reach your take profit levels and scale out a portion at each point. The 61.8 Fib retracement is at 0.60, which is a potential 300%+ move from here. So a potentially 10:1 RRR trade here, but the line in the sand for me is the low of 0.1355.
We see a similar pattern on the XEMBTC chart.
Check out my technical analysis videos for more in-depth analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
Today's analysis was requested by a community member @ahmadabdallah96. First, some background on the project. XEM/NEM is a legacy project that dates back to 2014 and was hugely popular during the last bull cycle, with a huge following in Japan, and was in the top 10 on coinmarketcap. It has since slid slowly but steadily down the market cap rankings, sitting at #62 at the time of writing.
Now, into the charts, on both the XEMUSDT and XEMBTC pairs, XEM is at a macro low. On the XEMUSDT chart, we see the low at 0.1355 and that price has tentatively broken out of the resistance trendline, suggesting that price might be getting ready for a move. If you believe in the fundamentals of the project, this could be a good place to start scaling into a position as it offers great risk reward. If price breaks and has a daily close below the low of 0.1355 (which could be a drawdown of 20-30% depending on how fast the drop occurs), then consider taking a stop loss and potentially re-entering later. If that low holds and price starts to slowly move up or continue to consolidate, you can hodl until price starts to reach your take profit levels and scale out a portion at each point. The 61.8 Fib retracement is at 0.60, which is a potential 300%+ move from here. So a potentially 10:1 RRR trade here, but the line in the sand for me is the low of 0.1355.
We see a similar pattern on the XEMBTC chart.
Check out my technical analysis videos for more in-depth analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
