XEM: Ready for reversal?
Today I want to highlight a coin most of you have already heard of before. It was (and maybe is) one of the most promising cryptocoins to date and one of the Oil wells I have most profited from.
Since the great May pump happened, XEM has been in steady decline and there is only little sign of reversal on the chart in my opinion. I want to highlight a few things about the current position though.
XEM is one of the most endorsed picks for an upcoming rise. It was picked by several crypto "investment" groups and is a steady buy recommendation by the famous Palm Beach Group.
Palm Beach once again in their October issue kept that recommendation to buy XEM up to 0.30$.
And while other coins instantly skyrocketed once the Palm Beach monthly report was leaked, XEM is still trading at 0.20$. The XEM foundation president Lon Wong will speak at the World Blockchain Summit in Dubai in two days. It has been hinted that good news for the XEM project will be announced.
Where does this leave us? A chart that doesn't really give us hope, steady volume and a nice setup surrounding it.
I entered the market with a small sized position as the support line of May held again. I will be looking at the price development in regard to the upcoming presentation of Mr. Lon Wong. A tight stop loss order is in place at 3139 satoshis.
If you follow this one, I strongly reccomend a stop loss at a level you are comfortable with.
Best of luck.
Since the great May pump happened, XEM has been in steady decline and there is only little sign of reversal on the chart in my opinion. I want to highlight a few things about the current position though.
XEM is one of the most endorsed picks for an upcoming rise. It was picked by several crypto "investment" groups and is a steady buy recommendation by the famous Palm Beach Group.
Palm Beach once again in their October issue kept that recommendation to buy XEM up to 0.30$.
And while other coins instantly skyrocketed once the Palm Beach monthly report was leaked, XEM is still trading at 0.20$. The XEM foundation president Lon Wong will speak at the World Blockchain Summit in Dubai in two days. It has been hinted that good news for the XEM project will be announced.
Where does this leave us? A chart that doesn't really give us hope, steady volume and a nice setup surrounding it.
I entered the market with a small sized position as the support line of May held again. I will be looking at the price development in regard to the upcoming presentation of Mr. Lon Wong. A tight stop loss order is in place at 3139 satoshis.
If you follow this one, I strongly reccomend a stop loss at a level you are comfortable with.
Best of luck.
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