XYO, the network token, experienced a significant surge of up to 50% in its value today. This impressive rally comes just ahead of its listing on one of the leading South Korean exchanges, Bithumb. The token reached an intraday high of $0.015 during the morning hours in Asia on April 25, showcasing a remarkable increase from its monthly lows and pushing its market cap past $207 million.
The driving force behind today’s rally was the announcement made by Bithumb regarding the launch of a KRW trading pair for XYO. This trading pair is set to go live at 5:00 PM KST, with a listing price of 15.30 KRW (approximately $0.0107). Deposits and withdrawals will be available two hours after trading commences, exclusively on the Ethereum network.
Excitement surrounding XYO’s technological advancements is also on the rise. The network recently introduced a public beta version of its Layer-1 blockchain, known as XYO Layer One, along with a new utility token called XL1. The introduction of this new token will handle various functions such as transaction fees, gas, contract execution, and user rewards, while the original XYO token will focus primarily on governance and staking.
In addition to these developments, on-chain metrics indicate significant growth in XYO’s presence within the DeFi space. Total Value Locked (TVL) has surged to over $91 million, up from $37 million just a few weeks ago. Moreover, there has been a nearly 300% increase in daily active addresses, suggesting a surge in user engagement within the XYO ecosystem.
Data from Santiment reveals a consistent rise in the number of wallets holding between 10,000 and 100 million XYO tokens. This accumulation by whales and mid-sized holders could indicate expectations of further upside potential for XYO.
Analyzing the price action, XYO has broken out of a long-term descending trendline on the 1-day/USDT chart, signaling a clear bullish reversal. The token is currently trading above both its 50-day and 200-day moving averages, indicating a strong bullish sentiment in the market. Indicators like the MACD and RSI are also showing bullish signs, suggesting increasing strength behind the rally.
With the RSI now in the overbought zone, a short-term pullback may occur before the rally resumes. Market analysts, including Javon Marks, are eyeing higher price targets for XYO. Marks predicts a potential target of $0.06949, which would represent a 360% gain from current levels, as momentum continues to build in the altcoin market.
It is important to note that this article does not constitute investment advice. The information provided here is for educational purposes only.