XION crypto gains 267% after listing, but sheds half its gains: What next?
Journalist
Posted:
Key Takeaways
Why did the XION token rally, and by how a lot?
It rallied practically 270% at its peak after the Bithumb itemizing was introduced, however retraced a very good chunk of this transfer, and was nonetheless up by 107% from the day prior to this’s low.
Has the current rally shifted the outlook bullishly?
Not but, the $0.693 and $0.793 key resistances have to be flipped to assist on the 1-day chart to vary the long-term downtrend.
XION blockchain’s native token, rallied 267% inside eight hours on the twenty sixth of November. The swift rally got here after the token was listed on the South Korean change Bithumb.
The infrastructure answer and Layer 1 venture’s token solely has a $151 million market cap. In comparison with the highest 20 crypto belongings, this market cap was comparatively small.
It additionally meant increased volatility is feasible, particularly if the token will get listed on different exchanges.
The token exhibited this penchant for volatility on the exact same day it rallied so shortly. On the time of writing, XION’s [XION] value was at $0.693, 45.5% under the day prior to this’s excessive.
Was this a deep however wholesome retracement, or is that this proof that the rally was pushed solely by speculative hype?
XION: Bears are usually not crushed but
Supply: XION/USDT on TradingView
Although many altcoins have been in a position to carry out properly from June to September, XION was not one among them. This relative weak spot become the downtrend in current months.
On the time of writing, the $0.8-$1 resistance zone, although examined, remained unbroken by the day prior to this’s rally.
The Fibonacci retracement ranges confirmed that $0.693 and $0.793 have been key resistances to breach, to flip the pattern bullishly. Thus far, this has not occurred.
Coinalyze data confirmed that the XION Open Curiosity rose from $317k to a excessive of $6.68 million, a 21-fold enhance. This was additional proof that the speculative hype drove the day prior to this’s rally.
XION bulls are prone to battle to maintain up the momentum. Due to this fact, until the $0.793 stage is flipped to assist, a bearish outlook can be prudent.
Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion
