Will XYO Price Bounceback from the Current Dynamic Support?

XYO price is currently trading in a tight range, taking support at 50 EMA. Bears are trying to push the price below the critical support levels. However, sellers are getting tough competition from buyers as they accumulate the crypto close to $0.00520.

XYO price forecast for January 2024 suggests the price is in the consolidation and neither buyers nor sellers have a proper grasp over the price. However, buyers have an edge over sellers as in previous months they give a good spike to the price.

The price action of the XYO crypto indicates that if the price is sustained above the current supports, it might touch the level of $0.00806 and $0.00945 in the upcoming sessions. Moreover, if the price is unable to sustain the current supports, it may see further downside.

Despite the recent weakness in the price, it is still trading above the 50-day and 200-day EMAs. That shows buyers are still active and the price might take a reversal from the current levels.

As per the Coinmarketcap, the current price of XYO stands at $0.005829 with an intraday decline of 3.82%, but the volume has increased by 1,19%. The current market cap of the crypto is 78.435 Million and the 24-hour trading volume is 1.306 Million.

The performance of the crypto is volatile over the period, as year to date it gave a negative return of  8.49%. In the last 6 months, it has increased by 55.61% and doubled in the previous 3 months giving a return of 101.38%. It has faced a mild bearishness in recent times as it was 6.40% last month and down by 3.48% last week. 

Moreover, as per the trading view, the technicals are on the selling side. Out of 26 indicators 11 are on the selling side, 9 are on the neutral side and 6 are on the buying side. The indicators summary of the trading view is dominating on the selling side.

Will XYO Price Give a Breakdown or Breakout?

XYO Price is trading above the major EMAs, showing the buyer’s presence in the crypto price. Moreover, the RSI curve is trading close to the middle line showcasing neutrality in the price. The RSI curve is hovering at 46.98 and the 14-day SMA is at 49.29 heading towards the oversold zone.

MACD curve is also heading downward. A bearish cross and the red bars on the histogram are noticed. Overall the technical indicators indicate neutrality in the price.

Conclusion

XYO price forecast is demonstrating consolidation in the price. Bulls and Bears do not have a proper grasp on the price. Technical indicators like MACD, RSI, and EMAs indicate neutrality in the market.

Technical Levels

Support Levels: $0.00520 and $0.00462.

Resistance Levels: $0.00945 and $0.00806.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.