XYO crypto registered a 170% move higher in six hours after a retracement- and its rally is likely to extend further.
From the evidence at hand, XYO could be gearing up for more gains, and investors need to hold on until the higher timeframe conditions change.crypto was up by 185% in 24 hours, with most of those gains arriving in a span of six hours when the bulls reversed a short-term retracement.
To understand this movement better, two sets of retracement levels were plotted on the 1-hour chart. The first set captured the initial impulse move from $0.00857 to $0.0199, a 131% increase in just 21 hours, with volume well above average. The 50% level of the second set of retracement levels has been tested. An hourly close above $0.032 would maintain a bullish market structure. However, a drop below $0.0284 could indicate an early sign of a retracement toward $0.0217 or lower.
However, there is a bearish divergence on the MFI on the 4-hour chart, which could warn of a short-term price dip.The altcoin market cap has been trending strongly higher over the past month and is close to the all-time high of $1.13 trillion set in November 2021. This came after the descending channel breakout in September.
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