Xen has already enjoyed a 1000+% price increase from its bottom but has also already retraced 50% in only 11 days.
The question is how far down will the retrace take us?
While it has happened quite quickly a 50% retracement is pretty significant and an appropriate place to look for at least a relief rally for a double top or full reveral and continuation to new all time highs.
Currently looking at a 4hr line chart we can see we are making a possible double bottom right at the 50% retace mark with bullish divergence.
If we hold this level, price will be making a lower low with a higher low on the oscillator at a key support level after a 50% price drop.
High potential pattern for brake a out or relief rally.
The question is how far down will the retrace take us?
While it has happened quite quickly a 50% retracement is pretty significant and an appropriate place to look for at least a relief rally for a double top or full reveral and continuation to new all time highs.
Currently looking at a 4hr line chart we can see we are making a possible double bottom right at the 50% retace mark with bullish divergence.
If we hold this level, price will be making a lower low with a higher low on the oscillator at a key support level after a 50% price drop.
High potential pattern for brake a out or relief rally.
