XinFin Network is up by over eight per cent in today’s trading session. This is after a streak of rough trading sessions, including yesterday, where the crypto lost seven per cent, and Wednesday, when the prices dropped by 21 per cent.
Today’s price gains coincide with the global cryptocurrency market’s recovery. In the past 24 hours, the crypto market capitalisation has shot by 9 per cent, bringing the total to $1.29 trillion. The recovery comes in a week that saw major cryptocurrencies dropping by more than 20 per cent. Bitcoin, for instance, dropped below $30,000 and affected many altcoins that are positively correlated with it.
XinFin Network price Prediction
XinFin is recovering in today’s trading session and is up by eight per cent today. Currently trading at $0.045, the cryptocurrency has been in a long-term bearish move this month that has seen it lose 26 per cent of its value.
Looking at the chart below, we can see a bullish divergence on the RSI indicator. Such a divergence suggests that the trend is likely to change in most cases. The chart also shows that the Williams Alligator is giving signals of reduced volatility in the market. This can signal the early stages of price reversal.
Therefore, my XinFin price prediction expects the cryptocurrency to continue with the current bullish trend. There is a very high likelihood of a trend reversal after days of a strong bearish move. If that is the case, then there is a high likelihood that we will see the prices rise above the $0.067 support level in the next few trading sessions. If the bullish push is strong enough, a $0.1 price level will also be possible.
However, if the prices end up breaking the latest price low of $0.03, then my trade analysis will be invalidated. It will also mean the cryptocurrency is still in a bearish move. Should that happen, it will also mean the current recovery is a bearish flag rather than a trend reversal.