In yesterday’s trading session, the price of XYO broke through the long-term resistance level of $0.006 in the early hours, surging 88% to reach a peak of $0.01. However, towards the end of the trading session, the prices began to decline, dropping nearly 30% from their session high and closing with a 38% price gain for the day.
This strong bullish trend was also a continuation of the previous two trading sessions, during which XYO rose 44% on Tuesday and 20% on Monday. However, in today’s trading session, the bullish trend appears to have ended as the crypto opened aggressively and then surged over 10%, only to fall over 20% from its morning price peak in the past few hours. The current trading session has seen a 10% price drop.
XYO Price Forecast 2023
Since the start of the year, the price of XYO has increased by over 120%. The trend has also been aggressively bullish throughout the week, reaching its highest point since October 2022. However, despite the current price surge, the trend in XYO’s price is likely to be temporary. For one, the current 122% price gain this week does not seem organic.
Looking at the price action over the past four months, XYO was in an aggressive bearish trend, but then on Monday, its trading volume spiked, pushing the price up. Unfortunately, such quick price surges in the cryptocurrency industry that are triggered by a sudden increase in trading volume do not usually last. Therefore, I expect the trading volume to drop dramatically in the next few trading sessions, which will also cause the XYO price to plummet.
Another factor that will likely have a significant impact on XYO’s price throughout the year is the overall trend of the industry. Currently, the crypto industry is still in a downward trend, and XYO’s close correlation with the industry will therefore play a significant role in the next few trading sessions. I expect the XYO price to drop and trade below $0.003.
Overall, my XYO price forecast for the next few weeks predicts it will fall below the January opening price of $0.0030, despite already being up more than 120%. There is a high likelihood that the next bearish trend will be long-term. However, a return above the $0.01 price level would invalidate my bearish analysis.