XYO crypto rallies 40% in a day: Is it ready for the next upward move?

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  • XYO saw strong gains over the past couple of days.
  • The daily trading volume was 10x higher than the previous day as prices retraced from local highs.

As a seasoned crypto investor with a knack for spotting potential gems and a penchant for reading market trends, I find myself intrigued by the recent performance of XYO [XYO]. The past few days have seen this cryptocurrency surge, only to retrace slightly, but still managing to post impressive gains.

The XYO [XYO] cryptocurrency has significantly increased by approximately 96.44% within just 40 hours, following its low points on November 18th at $0.00535. It then peaked at $0.0105 by the 19th of November, but since then there has been a 50% pullback in its upward momentum.

Following the recent rally, the value of XYO cryptocurrency increased by a significant 37.91% over the past 24 hours. Notably, its daily trading volume underwent a substantial shift of approximately 970.9%, reaching an impressive $40.73 million at the time this update was issued.

The latest pullback suggests that XYO might be preparing for another bullish trend. Let’s explore the reasons behind this and discuss potential future price targets.

XYO tests 50% retracement level

Based on the rally that began on Monday, a set of Fibonacci retracement levels were plotted.

They emphasized that the $0.00793 level represented a possible point of support due to a 50% price drop. If it falls below this point, $0.00732 and $0.00645 are other significant levels to watch out for.

Over the last several hours, the XYO cryptocurrency has shown a positive response and surged following its 50% pullback point. After this recent test, the token has experienced an increase of approximately 14.4%.

The OBV saw a massive hike in the past couple of days to reflect increased buying pressure.

On the hourly chart, the Relative Strength Index (RSI) has dropped to the 50 neutral point, indicating a potential opportunity for buyers to consider entering XYO, with a protective stop-loss placed below $0.008. As of now, the $0.009 level appears to be acting as resistance.

Read XYO’s [XYO] Price Prediction 2024-25

At press time, Bitcoin [BTC] was trading at $93.5k. It has steadily worked its way higher.

In the near future, accumulating around $88k worth of liquidity might be enticing, but at this moment, it’s not advisable. A potential adjustment in BTC could cause XYO prices to decrease.

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2024-11-20 22:15