Journalist
Posted:
- XYO saw strong gains over the past couple of days.
- The daily trading volume was 10x higher than the previous day as prices retraced from local highs.
XYO [XYO] crypto has rallied 96.44% in 40 hours from the lows it made on the 18th of November at $0.00535. It surged to $0.0105 by the 19th of November, and since then it saw a 50% retracement of the rally.
Even after the rally, XYO crypto was up by 37.91% in 24 hours. Its daily trading volume saw a 970.9% change from the previous day and stood at $40.73 million for the day at press time.
The recent retracement was a sign that XYO is ready for its next upward move. Why is this so, and what are the targets for the coming days?
XYO tests 50% retracement level
Source: XYO/USD on CoinMarketCap
Based on the rally that began on Monday, a set of Fibonacci retracement levels were plotted.
They highlighted the 50% retracement level at $0.00793 as a potential support. Beneath this level, $0.00732 and $0.00645 were also key levels.
The past few hours of trading saw XYO crypto react bullishly from the 50% retracement level. Since this retest, the token was up by 14.4%.
The OBV saw a massive hike in the past couple of days to reflect increased buying pressure.
The RSI on the hourly chart has fallen to the neutral 50 mark. This was another sign that buyers can look to enter XYO with a stop-loss below $0.008. The $0.009 level posed resistance at press time.
Read XYO’s [XYO] Price Prediction 2024-25
At press time, Bitcoin [BTC] was trading at $93.5k. It has steadily worked its way higher.
The collection of liquidity under $88k was an attractive target in the coming days, but not right now. Such a correction for BTC could pull XYO prices lower.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
