Despite its pioneering role as the leading blockchain-based geospatial platform, the XYO crypto platform has continued to struggle in the markets. In today’s trading session, it is up by 3 per cent. However, when looking at the monthly price changes, XYO crypto has dropped by 30 per cent. The year to date data also shows that XYO crypto has dropped by 70 per cent.
The past 24 hours have also been very rough, despite showing bullish signs in today’s trading session. The crypto has lost over 20 per cent of its trading volume. This has brought its total traded volume to slightly above $2 million.
The XYO crypto platform has also had positive headlines and financials, according to recently released 2021 fiscal year financial reports. The report indicated the company behind the project made $13 million in revenue. This was almost double the amount it had made in the previous fiscal year of 2020, when it recorded approximately $7.6 million.
The platform’s management was pleased to record the second year of growth in the report released early this month. Unfortunately, the recent string of positive news has not moved the markets. This is because of the recent cryptocurrency crash. However, it is likely that such a financial report will see investors coming into the project and helping it to grow.
In today’s trading session, the price of XYO is up by 3 per cent. This is despite the recent bearish trend that has resulted in a 30 per cent price drop. Looking at the chart below, we can see the prices are still in a long-term bearish move. However, the past few days are giving signs of a bearish flag formation. The prices have also traded sideways during these days, with bulls and bears alternating for each session.
Therefore my XYO price expectation is a resumption of the aggressive bearish trend. It is likely that we will see prices trading below the $0.0090 price level. There is also a high likelihood the prices will hit the lower trend line of the descending channel in the chart below.
However, XYO crypto’s recent fundamental analysis shows it is highly undervalued. Therefore, there is a likelihood of the prices also reversing. If the prices move past the $0.011, then a new bullish trend has been confirmed. The bullish move will also be a trend reversal and will mean my technical analysis has been invalidated.
This post was last modified on %s = human-readable time difference 14:39