In May, when the cryptocurrency industry crashed, Xinfin was one of the hardest hit and saw its price falling by 51 percent. However, Since the start of July, Xinfin has been in an aggressive push to the upside and has made significant gains from these losses. Today, it is up by 54 percent from its price lows on June 30.
Despite the push to the upside, the past few trading sessions have shown a loss of momentum. Starting on August 12, Xinfin price started trading in a horizontal trend. This lasted for three trading sessions. Then, two days ago, the crypto started a strong, aggressive push to the downside, which saw it drop by almost five percent.
However, in today’s trading session, Xinfin looks to be resuming its strong and aggressive bullish trend. Despite only being up by less than a percentage point, there are many technical factors that show that we might be entering another phase of an upward move.
First, the prices retraced to the 23 percent level of the Fibonacci retracement tool, meaning the drop is not a price reversal. With today’s session showing price gains, it is likely that we have seen the end of the retracement; hence, I expect the prices to resume the bullish trend.
The other factor is that Xinfin price is trading above the Williams Alligator indicator, signalling that the trend is still bullish. Therefore, my Xinfin price prediction is for the prices to hit the $0.046 price level, which marks the pre-market crash levels. There is also a high likelihood that we might see prices trading above $0.05 before the month ends.
However, if the prices fall below the $0.31 price level, which is about 50 percent in the Fibonacci Retracement tool, my bullish analysis will be invalidated. It will also mean a likelihood that prices have finally reversed.
This post was last modified on Aug 17, 2022, 15:22 BST 15:22