According to the cryptocurrency market tracker CoinMarketCap, the price of Chain (XCN) has increased by 25.94% over the past 24 hours. At the time of publication, the price of XCN was trading at $0.06267 and had gained 25.11% and 24.85%, respectively, against the two leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).
The price of XCN has marginally declined from its daily high of $0.06653 to its present position. The overall trading volume has increased to $42,980,386 after a 292% increase in daily trading volume over the previous day.
4-hour Trading Chart for XCN/USDT (Source: CoinMarketCap)
At the beginning of XCN’s upward movement over the past 24 hours, the shorter 9 Exponential Moving Average (EMA) on the 4-hour chart passed over the longer 20 Exponential Moving Average (EMA). The five candles before the green candle, which showed XCN’s price impulse over the 9 and 20 EMA lines, show momentum building up to the move.
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Shortly after, the market was drained of liquidity to support the subsequent leg higher, which brought the price of XCN to a high of $0.07129 before the candle closed at $0.06645. Following that, traders and investors took profits, as seen by the first red candle in the sequence, which caused the price of XCN to decline and close at $0.06244.
The relative locations of the 9 and 20 EMA lines on the daily chart of XCN indicate that there is still some bullish momentum remaining. The RSI line is additionally positioned above the RSI SMA line. However, given that the slope of the RSI line has neutralized, the upward trend may lose some momentum. This could be a brief pause before a small downward movement.
