XEM Faced Downward Pressure Amidst General Market Correction
The XEM token has experienced a 7.0% decline, reaching $0.0375 this week. However, it has managed to partially recover from its 19.0% loss on Monday when it dropped to $0.0328. This decline was triggered by a broader correction in the crypto market following an 8.3% decrease in Bitcoin prices. Although XEM has notably outperformed major cryptocurrencies, a robust recovery has contributed to softening its overall outlook.
Closing Monday in the upper portion of the ascending channel and above strong support levels, the token faces equal prospects of recovery to the resistance at $0.0450 or a descent to the support at $0.03000. The token has no internal news to support either option, and needs another wave of Bitcoin rally to continue up.
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