Within just 40 hours, XYO [XYO] crypto experienced a notable 96.44% rally from its recent low on November 18th, priced at $0.00535. By November 19th, it had surged to $0.0105, followed by a 50% retracement.
Despite the rally, XYO cryptocurrency still showed a 37.91% increase in value within 24 hours, with its daily trading volume soaring by 970.9% to reach $40.73 million at the time of writing.
The recent retracement indicates a potential for XYO to make another upward movement. What factors are contributing to this momentum, and what are the growth projections for the near future?
XYO Approaches 50% Retracement Level
Following the rally that commenced on Monday, Fibonacci retracement levels were utilized to identify key levels.
The 50% retracement point at $0.00793 emerged as a significant support level, with $0.00732 and $0.00645 also standing out as crucial thresholds.
In the recent trading sessions, XYO responded positively from the 50% retracement level, resulting in a 14.4% rise in value.
The On-Balance Volume (OBV) registered a notable increase in buying pressure over the last few days.
On the hourly chart, the Relative Strength Index (RSI) dropped to the neutral 50 level, indicating a potential entry point for buyers into XYO with a suggested stop-loss below $0.008. Resistance was noted around the $0.009 level.
Meanwhile, at the time of this report, Bitcoin [BTC] was valued at $93.5k, steadily climbing higher.
While targeting liquidity accumulation below $88k may prove lucrative in the near term, current conditions are less conducive. Any correction in BTC’s price could exert downward pressure on XYO’s value.
Disclaimer: The insights provided do not constitute financial, investment, trading, or any form of advice and are offered solely as the writer’s perspective.