From a high of $254.13 on Nov. 14, it plunged 84.83 percent to an intraday low of $38.528 on Nov. 23.
From the lows, it pulled back 221.79 percent to reach an intraday high of $123.98 on Nov. 26.
On the contrary, if the price breaks down of the range, a retest of the lows is probable.
While most other top digital currencies are making new year-to-date lows, the XEM/USD pair has not declined much in the past few days.
Even after breaking down of the range $0.13125258-$0.07790717, the bears have not been able to push prices lower.
If the price climbs back into the range and sustains it for three days, it will confirm that the markets have rejected the lower levels.
Traders can initiate long positions above the 50-day SMA and expect a move back towards the top of the range.
The price has gradually drifted close to the Nov. 25 low of $0.01089965.
The digital currency turned around and slumped sharply on Dec. 6 and 7, resulting in a new low.
BTC/USD. Though Bitcoin is the fifth best performer in the past seven days, it has continued to make new year-to-date lows.
Top 5 Crypto Performers Overview: BSV, XEM, TRX, BNB, BTC
Published on Dec 9, 2018
by Cointele | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.