đ XAI (XAI) Poised for Breakout Amidst Market Dynamics!
For the past fortnight, XAI (XAI) has been riding the waves within an ascending parallel channel, setting the stage for a potential breakout. đ Despite the crypto market's metaverse buzz and Bitcoin ETFs, the spotlight is on XAI's technical setup.
đ DWF Labs Integration Impact:
XAI saw a remarkable 10% surge post the DWF Labs merger announcement on January 17. XAI Games, introducing the world's first Layer 3 (L3) solution for AAA games, further fueled this rally. Sentry nodes emerged, solidifying XAI's position in the gaming sphere.
đ Web3 Expansion Goals:
With ambitions to onboard a billion more players into Web3, XAI is set on transitioning Crypto Unicorns from ARB chain to XAI network. Built on Arbitrum, XAI ensures rapid transactions and scalability. Notably, transactions involving Crypto Unicorns are anticipated to be fee-free.
đ Critical Support and Resistance:
As of now, a bullish sentiment prevails as long as XAI maintains support above $0.53. The Parabolic SAR indicates this trend, acting as a trailing stop with support around $0.70. A retracement to the psychological $0.70 level is plausible in case of a breakout below the rising parallel channel.
đ Bearish Indicators & Caution:
On-chain indicators, including a significant 81% decline in XAI tokens within seven days, raise concerns. A decline in stablecoin supply held by whales also signals weakened purchasing power. The critical support at $0.53 might be tested if bearish sentiment strengthens.
đ Bullish Scenarios and Targets:
A potential comeback by bulls could propel XAI towards the channel's midline at $1.00. Further north, resistance lies at $1.16, with bullish scenarios possibly pushing through to recover the range high of $1.23.
â ïž Vigilance Advised:
While the potential for a breakout exists, caution is crucial. On-chain indicators signal both bullish and bearish possibilities.
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