Patience is a virtue and is definately necessary trading low liquidity alt coins.
Low liquidity is what allows massive upside but like leverage trading it also alows for massive moves to the downside.
Xen has been showing signs for a few days that sell pressure is decreasing.
There was hope a few days ago of a reversal after retracing 50% of its 10x move up from the bottom. Unfortunately we did see a small relief pump but have continued down.
We have now retraced to our last real high volume node just below the 61.8 level.
There is a CLEAR down trend on the chart and braking this trend at the last real support level would be extremely bullish for a serious relief pump or full reversal and continuation to new highs.
We are looking for a brake of this trend at 0.0000045 and HOLD or retest before swaping from eth back to xen.
This chart is a daily bar chart showing the amount of time it took to exaust our first real uptrend. Typically this is a good indication of how much time it takes to complete one cycle.
Looking at the oscillators we can also see the wave trend is bottoming out and the stochastic is starting to curve slightly to the upside.
We have marked the dates on the chart along with 25% time increments to monitor progress.
Low liquidity is what allows massive upside but like leverage trading it also alows for massive moves to the downside.
Xen has been showing signs for a few days that sell pressure is decreasing.
There was hope a few days ago of a reversal after retracing 50% of its 10x move up from the bottom. Unfortunately we did see a small relief pump but have continued down.
We have now retraced to our last real high volume node just below the 61.8 level.
There is a CLEAR down trend on the chart and braking this trend at the last real support level would be extremely bullish for a serious relief pump or full reversal and continuation to new highs.
We are looking for a brake of this trend at 0.0000045 and HOLD or retest before swaping from eth back to xen.
This chart is a daily bar chart showing the amount of time it took to exaust our first real uptrend. Typically this is a good indication of how much time it takes to complete one cycle.
Looking at the oscillators we can also see the wave trend is bottoming out and the stochastic is starting to curve slightly to the upside.
We have marked the dates on the chart along with 25% time increments to monitor progress.
Comment:
Jack Levin founder for XEN was on the popular crypto banter youtube channel today to discuss BTC ordinals. Soon Soon LOL. Intellegence, quality, and fairness will drive xen to the top.
