XEN [XEN] cryptocurrency has experienced a significant surge in value over the past 24 hours, breaking out of a range it had been trading within for several months. On Thursday, the 14th of November, the daily trading volume doubled as XEN surpassed a key resistance level at $0.118 million.
This altcoin is currently traded on smaller exchanges and is not yet listed on major platforms like Binance, Coinbase, or Bybit.
This lack of presence on major exchanges has led some investors to speculate that a potential listing could provide a substantial boost in both visibility and price for XEN. The recent breakout and surge in trading volume may signal the start of a significant upward trend.
XEN Breaks Through Five-Month Resistance, Nears Another Hurdle
For the past five months, the levels of $0.118 and $0.154 have been key resistance points for XEN, with the $0.118 level specifically proving to be a strong barrier until recently. The heightened trading volume and overall bullish sentiment in the market have propelled XEN’s price upwards. Currently, XEN is approaching the $0.154 resistance level, with the Relative Strength Index (RSI) indicating strong bullish momentum on the daily chart.
There are no signs of a bearish divergence at the moment. Moreover, XEN’s fully diluted value stands at a modest $18.74 million, which suggests that during bullish phases or unexpected Bitcoin rallies, low-cap tokens like XEN tend to experience significant price surges.
As a result, investors are urged to carefully assess their position – should they aim for further gains by holding, or secure their profits and exit the market?
The Bitcoin dominance chart indicates a robust uptrend, with the crucial 60% threshold now acting as a support level, based on the weekly timeframe analysis.
The last prominent altcoin season occurred between January and November 2021, following a decline in BTC.D from 60.4% to 39.66%. Considering this historical context, XEN holders may want to wait for a similar drop in BTC.D before considering selling off their XEN holdings.
Disclaimer: The views expressed in this content are the author’s own and do not constitute financial, investment, or trading advice.