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
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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