XYO collected more than 30% when the project filled an important strategic position prior to the expected Layer-1 blockchain launch.
XYO rose to an intraday height of $ 0.0236, which has risen by 77% this week compared to the lowest point, while market capitalization $ 305 million crossed from the moment of the press. Altcoin’s trade volume rose by 335%in the last 24 hours, of more than $ 37 million, which indicates an increase in purchasing pressure.
The rally came out when the wider Crypto market fell 3.9% in the last 24 hours. Bitcoin (BTC) fell by 1.5% during writing, while other large altcoins, such as Ethereum (ETH), XRP (XRP), Solana (SOL) and Dogecoin (Doge), all traded in the red, placing losses between 4-6%.
For the current price, XYO has risen almost 320% in the past year, but 73% will remain under the all times of $ 0.813, reached more than three years ago.
Why is XYO increasing today?
XYO met after the project announced Hiring Sky Wee as a strategic adviser. Woe, a Forbes Business Council, an official influencer for Binance, and a managing partner at Elevate Ventures, ATF Capital and Sky Ventures, will become a member -1 blockchain network set for Q1, 2025.
XYO price also benefited from the hype prior to the launch. Dubbeds ‘XYO Layer One’, the Layer-1 Blockchain offers support with Multichain and serves as the backbone of the XYO ecosystem. It is said that it will facilitate applications in various sectors, including AI models, blockchain tools, Real-World assets management and Depin.
Investors have also shown interest in the Altcoin after the recent offer On the Turkish crypto exchange Bitci. The platform reportedly made the trade possible with Turkish lira and USDT pairs.
Moreover, speculation about a potential cooperation with electric car giant Tesla has grown within the crypto community, with many who expect the deal today that are being completed today.
XYO price promotion
On the 1-day/USDT price diagram, XYO is broken above the falling trendline that is formed by connecting the higher highlights of the daily movements of the Altcoins, which signals a strong bullish reversal of his recent downward trend.
The price of the Altcoin has risen above the advancing averages of 50 and 200 days, suggesting that bulls dominate the market.
Furthermore, the MACD lines and the relative strength index reading are directed upwards, which means that XYO could continue its rally in the coming days.
Market commentators share similar expectations. According to Forkedtheghts, XYO has formed a perpendicular channel pattern over the past two months. They noted that if the Altcoin succeeds in breaking above the upper limit of the channel, it can collect it in the short term to the range of $ 0.055 – $ 0.066, with a more bullish target of $ 0.10 – $ 0.20 by the end of the year.
7 Times $XYO has tested this resistance level.
Soon. We will break through it and rocket out of here. This coin is itching to run. Next leg .055~.065 2X~3.5X from these levels.
End of year $.10~$.20 Are the targets now. As high as $.36 can be gauged on fibs
😎 All in #XYOFAM pic.twitter.com/0siSQ7QSMV
— ForKedThoughts (@ForkedFilosophy) February 6, 2025
At the time of the press, XYO had risen by 30%and exchanged hands at $ 0.0232 per coin.
