- XYO was trading at $0.00350 with an intraday repulse of 0.98%.
- Its price gave a breakout from the descending triangle in the weekly timeframe.
- The present scenario can be considered as bullish.
XYO tokens are Ethereum-based ERC-20 utility tokens that are used to reward contributions to the XYO network ecosystem. In a way, XYO tokens are used as the “gas” fee, required to link with real-world data and verify the XY-coordinate of a specific object.
The XYO token’s price was trading bearish for a very long time. It has recorded a negative ROI of 39.50% in a year. During this downfall, the price created a descending triangle pattern in the last 7 months in the weekly timeframe.
Recently, the price has given a breakout from the triangle after taking support from the level of $0.00230 to $0.00314. It is presently trading below the 50-day EMA, which shows the bearishness in the price.
The present circulating supply of the token is 13.47 Billion XYO. Its daily trading volume has decreased by 2.39% in the intraday session. The current market capitalization of XYO is $47.14 Million.
According to the indicators of the Tradingview of XYO shows that 12 indicators are in favor of buying, 8 towards neutral, and 6 signals of selling the token. The majority of indicators are in favor of buying the token.
Sentiment Analysis
The total volume of the token has declined by 18% within a week. Social engagements have grown by 576% indicating the increasing interest of the community. The bullish sentiments have dropped by 20.81% as the volume has been on the negative side. As a result, the coin’s price is getting bearish. As soon as the volume rises, the price will get bullish and the bullish sentiments will start rising.
Technical Analysis of the XYO Token (Weekly-7D)
The XYO price can soon cross above the 50-day EMA which will make the price bullish for the short term. For a bullish movement, the price has to sustain above the 50-day EMA.
Its first target for the price can be in the range of $0.00670 to $0.00761 in the next upward price action and further to $0.00821 to $0.00909.
However, If the price gets rejected from the 50-day EMA, then the price can fall again to the support level of $0.00230 to $0.00314 or further down. The next resistance will be the level of $0.00670 to $0.00761 from where the price might get rejected.
Indicators On The Price Of XYO Token
Relative Strength Index (RSI)
The RSI got a bounce from the SMA 14 at 36 points level. It is presently below the neutral level of 50, which shows that bearish strength is still present in the token’s market. The present value of RSI is 46.93 points.
Moving Average Convergence/Divergence (MACD)
The volumes in the histogram are showing some increasing volumes, which shows that the token is getting a surge in the inflow of volume. The significant increase in the volumes will give the price an upward movement.
XYO LIVE CHART
Conclusion
The XYO token price action can be bullish as the price has given a successful breakout from the descending triangle. Also, as soon as the volume increases and the price crosses above the 50–day EMA, the price will confirm its major upside move.
Technical Levels
Support Level: $0.00230 to $0.00314
Resistance Level: $0.00670 to $0.00761 and $0.00821 to $0.00909
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.