The XEN crypto future price prediction is bearish as long as it is sustained below the $0.0000006967 level. The sellers are very aggressively dominating the price and have taken control of the price trend.
XEN crypto price melted by 97% ever since it created its 2023 annual high of $0.0000100743. This shows that the sellers were highly active due to which the coin faced a major decline in its price.
The price decline halted at $0.0000002763 where it created its new all-time low and its recent swing low.
The XEN crypto price showed a short-term bullish rally to retest the $0.0000007360 level by reclaiming the 50-day and 100-day EMA lines from its recent swing low. However, the bull run was interrupted by the sellers, after which, the XEN price started falling again.
The sellers again pushed the XEN crypto price below the EMA lines and currently, its price is trading below them.
The XEN coin is currently trading at $0.0000004666 with a 24-hour trading volume of $4.771 Billion. It registered a drop-down of 8.50% in the last 24 hours.
Will the Selling Pressure Continue in XEN Crypto?
The XEN crypto price is currently forming a strong bearish candle after facing rejection from the 50-day EMA. The bearish candle forming at press time has almost engulfed the previous few candles. This shows the strong ongoing selling pressure. It denotes the chances of the price continuing its downtrend are higher if it closes below the lows of the previous candle.
The relative strength index is at 47.33 and crossed below its 50 level. The RSI line is also sloping in the downward direction. It shows that the XEN crypto coin is facing selling pressure. The space left on the downside can invite more sellers which can continue the selling pressure till the RSI line reaches its oversold territory.
XEN Crypto Price Formed a Shooting Star Candle
The XEN crypto price has formed a shooting star candle in the last trading session in the weekly timeframe. This shows that the sellers are preparing themselves to make further decline in the price in the long-term.
The XEN crypto price may continue its ongoing fall to the $0.0000002763 level which is acting as immediate support for it. The next phase of the bear run will trigger after the price closes below the current acting support. This can trigger the price to fall to its next possible support at $0.0000001336.
On the upper side, if the XEN crypto price closes above the $0.0000007360 resistance zone, it will generate panic among the sellers. After this, the price may reach its next resistance level at $0.0000010133.
Conclusion
XEN crypto price prediction is bearish. The technical analysis and the technical indicators pointing toward the price may face a further decline in the future. The analysts also suggest that the price may continue its decline in the upcoming trading days.
Technical levels
Resistance Levels: $0.0000007360 and $0.0000010133
Support Levels: $0.0000002763 and $0.0000001336
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/11/04/xen-crypto-coin-is-in-downtrend-is-there-any-hope-for-buyers/