XYO Network [XYO] Rises 185% in 24 Hours: What is Driving This Surge?

The cryptocurrency of XYO Network has experienced an astonishing 185% increase in the past 24 hours, with most of that increase occurring within just 6 hours. This rapid upward momentum has reversed the previous short-term correction trend.

Currently, XYO, with a market cap of $443 million, shows strong bullish momentum and is expected to continue rising in the coming months.

Key Resistance Level

Currently, the price level of $0.02 poses short-term resistance for XYO.

Between November 18 and 19, XYO surged an incredible 81% in a single day. However, the price then corrected by 26% in the following days and stabilized around $0.009. Subsequently, on December 2, when Bitcoin fluctuated around $95,000, XYO experienced another significant upward trend.

Fibonacci Retracement Analysis

To better analyze this trend, two sets of Fibonacci retracement lines were drawn on the 1-hour chart:

1. The initial rise from $0.00857 to $0.0199 saw an increase of 131% within just 21 hours, accompanied by above-average trading volume.

2. The price then corrected to $0.0151, close to the 61.8% Fibonacci retracement level of $0.0129.

After consolidation, XYO gathered momentum again, rising 170% within six hours. The token tested the 50% level of the second set of retracement lines, and if the 1-hour closing price can maintain above $0.032, the bullish market structure will continue. However, if it drops below $0.0284, it may indicate that the price will further retrace to $0.0217 or lower.

Indicators Show Bullish Trend

In the past two days, the On-Balance Volume (OBV) has risen significantly, indicating strong market demand. Additionally, the moving averages and Money Flow Index (MFI) also reflect XYO's bullish momentum.

However, it is important to note that a bearish divergence has appeared in the MFI on the 4-hour chart, which may indicate a price correction in the short term.