Within a span of 40 hours, XYO digital currency experienced a notable uptrend of 96.44% following its recent low of $0.00535 on November 18th. By November 19th, the price surged to $0.0105, subsequently undergoing a 50% retracement.
Even after this significant rally, XYO cryptocurrency still exhibited a 37.91% increase within 24 hours. The daily trading volume witnessed a striking 970.9% surge compared to the previous day, reaching $40.73 million at the time of reporting.
The recent pullback in price suggests that XYO might be gearing up for its next bullish wave. What are the potential reasons behind this movement, and what price targets can be anticipated in the upcoming days?
XYO Evaluates the 50% Retracement Threshold
In light of the recent upward movement that commenced on Monday, several Fibonacci retracement levels were identified.
Among them, the 50% retracement level at $0.00793 emerged as a possible support level. Additionally, key levels below this included $0.00732 and $0.00645.
During the recent trading sessions, XYO responded positively as it rebounded from the 50% retracement level. Following this retest, the token recorded a 14.4% increase.
The On-Balance Volume (OBV) displayed a substantial surge over the past few days, reflecting heightened buying pressure.
On the hourly chart, the Relative Strength Index (RSI) dropped to the neutral level of 50. This development served as a signal for potential buyers to consider entry points into XYO, with a suggested stop-loss below $0.008. Currently, resistance was noted at the $0.009 level.
As of the latest update, Bitcoin (BTC) was valued at $93.5k, steadily climbing upwards.
Although consolidating liquidity below $88k seemed like a desirable target in the future, it might not be realized immediately. Any correction in BTC’s price could exert downward pressure on XYO’s value.
Disclaimer: The views expressed in this content do not constitute financial, investment, trading, or any form of advice and reflect solely the author’s perspective.