XinFin (XDCE) technical analysis 13th – 14th August: Is an altcoin rebound underway?

Like most altcoins, XinFin (XDCE) is on a rebound in tandem with Bitcoin (BTC)’s regained upside momentum, and is up by over 2% in the day. Intra-day volumes are on the rise too, an indicator that investors are taking advantage of the low prices, to take positions in XinFin. The rising momentum around XinFin is supported by the weekly chart where it has bounced off a long-term support level at $0.0018. In last week’s drop, XinFin (XDCE) failed to break below this support level, which means that current price levels, which are close to this support level, are an opportunity for buyers.

If buying volumes continue to increase, XinFin (XDCE) could rise to $0.0019, which is the first resistance level in intra-day trading. But this rise will be premised on the price of bitcoin. If bitcoin (BTC) continues its current push and breaks above $6500, then XinFin too stands a good chance to test $0.0019 in the next 24 hours, or at some point within the week.