XYO rallied more than 30% after the project secured a crucial strategic position in advance of its Layer-1 launch.
XYO reached an intraday peak of $0.0236. This is 77% higher than its previous low. As of presstime, its market cap had surpassed $305 million. The trading volume of the altcoin has increased 335% within 24 hours and now exceeds $37 million. This indicates an increase in demand.
As the crypto-market as a whole dropped 3.9% in the last 24 hours, the rally was able to materialize. Bitcoin (BTCThe price of Bitcoin () fell by a little over 1% when I wrote this, while the value of other altcoins like Ethereum (ETHThe XRP currency (XRP), Solana (SOLDogecoin, DogecoinDOGE), all traded in the red, posting losses between 4-6%.
XYO’s current price is nearly 320% higher than it was a year ago, but still 73% lower than its previous high of $0.813, which occurred over three years earlier.
What is causing XYO to soar today?
XYO rallys after project announced Sky Wee was hired by XYO as a strategist advisor. Wee will be joining the XYO Advisory Team as a Forbes Business Council, Binance official influencer and managing partner of Elevate Ventures ATF Capital Sky Ventures. She is also a member of Forbes Business Council, Binance official influencer and a managing Partner at Elevate Ventures ATF Capital.
The XYO launch price also benefited from the excitement. Dubbed ‘XYO Layer One’, the Layer-1 blockchain will feature multichain support and serve as the backbone of the XYO ecosystem. The Layer-1 blockchain will facilitate various applications, such as AI models, Blockchain tools, real world asset management and DePIN.
After its recent price increase, investors have shown an interest in altcoins. listing Turkish crypto exchange Bitci. According to reports, the platform allows trading of altcoins in Turkish Lira or USDT.
The crypto-community has also been speculating about the possibility of a collaboration with Tesla, the electric car company. Many are anticipating that the deal will be completed today.
XYO pricing action
On the USDT/1-day price chart, XYO broke above the descending trendsline that was formed by joining the highs from the altcoins daily movement. This signals a significant bullish reversal of its recent downward trend.
Price of altcoin has increased above moving averages for 50 and 200 days, indicating that bulls dominate the market.
The MACD and Relative strength Index lines are also pointing upwards. This means that XYO may continue to rally over the next few days.
Commentators on the market have similar expectations. ForkedThoughts says that XYO’s pattern has been a parallel falling channel for the past two month. They noted that if the altcoin manages to break above the upper boundary of the channel, it could rally to the $0.055–$0.066 range in the short term, 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
As of the press release, XYO is up by 30%. Its current price per coin was $0.0232.
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Source: crypto.news
