XEND Price Analysis: $XEND Awaits Breakout of 60 Day Descending Channel

By Domenic
Published June 12, 2021 Updated June 12, 2021
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XEND Price Analysis: $XEND Awaits Breakout of 60 Day Descending Channel

By Domenic
Published June 12, 2021 Updated June 12, 2021

XEND Finance, along with the rest of the cryptocurrency market has experienced its worst sell off the last month that it has seen in over a year. While BTC dropped from ATH, it also brought down nearly every alt-coin. XEND was not immune to this fall. BTC stabilizing and reviving above $40,000 will allow XEND and other alt-coins to begin reviving.

XEND Finance has been stuck within a descending channel for nearly 3 months. Bulls continue to await a breakout to upside as price has played with the top trend line many times. Along with this trend line lies the 100 MA. This has acted as resistance for over a month now. Once XEND can break over this mark, met with the top trend line of the descending channel, the price will be set free for a bullish trend. 

Price Analysis: XEND/USD 4 Hour Chart

Xend chart

XEND chart by Tradingview

 

The bulls have failed to break major resistance of $0.42 since the last week of May. Once this breakout occurs, XEND will be free for a 40%+ revival. Major support of $0.36 has held the price of XEND thus far. If this fails to hold, expect a fall to minor support of $0.33, at minimum. 

While viewing the Stochastic RSI, we can spot an evident bullish divergence has formed. Strength has reset to oversold conditions and created a higher low which will likely result in a price bounce to $0.39+. In addition, the MACD has been consolidating sideways the past week and looks primed for a bullish move.

XEND Intraday Levels

  • Spot rate: $0.369
  • Trend: Bearish
  • Volatility: High
  • Support: $0.361
  • Resistance: $0.396

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Domenic
134 Articles
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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