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

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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