- XYO had a bullish structure on the hourly timeframe.
- The moving averages and $0.0284 were the next support levels for buyers to defend.
As a seasoned crypto investor with a knack for spotting promising altcoins, I’ve been closely monitoring XYO Network [XYO]. The recent 185% surge in just 24 hours has certainly caught my attention, and the bullish structure on the hourly timeframe is hard to ignore.
In the last day, the value of XYO Network’s cryptocurrency, XYO, surged by an impressive 185%. A significant portion of these gains, approximately 6 hours’ worth, were realized as the bulls overturned a temporary downtrend.
From my perspective as a researcher, I find myself observing an interesting trend. Currently, it appears that bulls are leading the charge for this particular asset with a market capitalization of around $443 million. Given the current trajectory, I anticipate that this asset could see further growth in the upcoming months.
The $0.02 level offers temporary resistance
Between November 18th and 19th, XYO underwent a significant 81% price increase within a single day. After this impressive spike, the token subsequently dipped by 26% over the following days before stabilizing around the $0.009 region. Notably, on December 2nd, while Bitcoin maintained its value near $95k, XYO demonstrated further growth.
To get a clearer picture of this action, I’ve marked two sets of potential pullback points on the 1-hour graph. The first series signifies the initial surge from $0.00857 to $0.0199, representing a significant 131% rise in merely 21 hours. Notably, the trading volume during this period was well above the usual average.
After the recent surge, I saw a pullback that almost touched the $0.0129 mark, which coincides with the 61.8% Fibonacci retracement level. However, XYO quickly regained its momentum, propelling itself northward, resulting in a remarkable 170% increase over a six-hour period.
As a crypto investor, I’ve noticed that the price has dipped to test the 50% level of the second set of retracement levels. If we manage to close the hourly chart above $0.032, it would suggest a continued bullish market structure. Conversely, if the price drops below $0.0284, it might be an early warning sign of a potential dip toward $0.0217 or even lower.
Over the last two days, the On-Balance Volume (OBV) noticeably increased, indicating a surge in buying activity. At the same time, both the moving averages and the Money Flow Index (MFI) suggested that XYO was experiencing a strong upward trend or bullish momentum.
On the contrary, a bearish divergence appears on the MFI in the 4-hour chart, potentially signaling a brief drop in prices ahead.
Is the rally just starting?
Over the last month, the total value of alternative cryptocurrencies (altcoins) has shown a robust upward trend and is now approaching its peak of $1.13 trillion reached in November 2021. This surge follows the breakout from the downward channel that occurred in September.
Read XYO Network’s [XYO] Price Prediction 2024-25
The rising altcoin market cap indicates an intensely bullish sentiment across the crypto market. While more gains are expected overall, not all tokens will perform equally well.
Given the existing data, it seems that XYO is set for further growth. It would be advisable to keep holding onto your investments until the larger-scale market conditions change.
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2024-12-04 05:11