XEN Crypto, like many crypto project, been in a downtrend move since the birth. However, XEN's price behavior have changed in the past 2 months and significant growth occurred. After the upward impulse wave finished, price entered a corrective wave which unfolded in a downtrend channel; Now, it seems price may breaks this channel. Let's see what happens.
Note; the depicted Elliot waves shown are for display only and its too early to determine their exact locations.
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XEN have been trying to break the downtrend line; no luck so far. Let's see if it can.
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Unfortunately, XEN couldn't break the downtrend line and went down. Let's see if 0.786 Fibo level can hold the price and possibly a reversal happen.
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So, XEN went down and touched the 0.786 Fibo level and then broke the downtrend line. Let's see what happens.
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Currently, XEN is trying to break this triangle pattern upward. If successful, further upward movement is possible. Let's see what happens.
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So, the only scenario left for XEN to make is the Cup and Handle pattern. If this pattern fails too, this means XEN is going down further. Let's hope XEN doesn't breach the lowest low.
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The Cup and Handle is the only pattern left for XEN and so far the possibility of this scenario has not been eliminated. Recently, a divergence also formed in RSI that shows this scenario is possible. Let's see what happens.
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So, XEN kept going down further and more. The Cup and Handle pattern might still take place but we have to wait for the first signal to happen; which seems could take a while. From the XEN chart, a price pattern could be seen; that is a descending curved line followed by an almost sharp ascending line repeated. If such behavior is supposed to repeat, something like the yellow lines on the chart could unfold. Let's see what happens.
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Continuing from the previous analysis, XEN broke the minor downtrend line and went up. Then the correction wave started which is unfolding as expected. If the next upward wave breaks the major downtrend line (the blue line), there could be hope for further uptrend movement; It is most desirable if XEN breaks this line with momentum. I still believe there is a chance for the Cup and Handle pattern to happen. Let's see what happens.
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So, XEN is trying to break both the major downtrend line and the minor descending triangle pattern. If successful, further upward movement is possible. Let's see what happens.
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There is a major horizontal resistance area which needs to break upward if XEN wants to continue the upward movement. Let's see what happens.
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So, XEN trying again to break the major horizontal resistance area. If successful, reversal confirmed. Let's see what happens.
Dear friend, make your analysis more complete and don't send the message ((trying to break)) thank you
mirzarizwan530
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Bro means next 3rd leg will around 0.00026. Please any time frame for that price. Please bro reply. By the great technical.
SaeedSalehinia
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@mirzarizwan530, I didn't understand your question. But if you mean when price would reach 0.00026, it is not possible to state at this moment; since XEN has not started a major uptrend wave in order to analyze wave patterns, counts and possible targets. Also, the 0.00026 price you mentioned is very far from the current price, so it will definitely take some time to reach that price.