Technical Analysis - Stakenet
XSN/USD - 03/15/2020
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As shown above, we will be updating the technical analysis of XSN/USD from the 5th of February.
XSN/USD has followed our green uptrend nicely since the last update. It has been going and bringing upwards by following single uptrend support, which after a while without any many bounces, became too heavy and caused a drop and break of trend. Currently, we see XSN below the main key-area of support, which is mostly an undervalued sign.
The whole new local downtrend and even the humungous drop were accompanied by little to no significant volume. This shows that XSN/USD has mostly been moving down due to thin order books and not because many very convinced sellers were dumping XSN into the market.
As mentioned above, it is strictly below the main key-area of support. That implicates and increases the chances of it bouncing from the local levels and back into the levels it has broken down and violated to re-test on its way down. Moreover, the current downtrend can be pointed out by the red resistance line, which, in case of a bounce, would play a significant role and most likely be tested again.
All in all, as with all other assets currently, XSN is highly undervalued while leaving many people fearful. Nevertheless, in times of such high volatility, one cannot exclude the possibility of further downside.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!
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