XYO surged by as high as 50% today, ahead of its listing on a leading South Korean exchange, Bithumb.
XYO network (XYO) spiked to an intraday high of $0.015 during morning hours in Asia on April 25, more than doubling from its monthly lows and lifting its market cap past $207 million.
Today’s rally was triggered by Bithumb’s announcement that it will launch a KRW trading pair for XYO later in the day at 5:00 PM KST.
The listing price is set at 15.30 KRW (around $0.0107), and trading will go live shortly after, with deposits and withdrawals opening two hours later, exclusively on the Ethereum network.
There’s also growing excitement around XYO’s tech developments. The network recently launched a public beta of its own Layer-1 blockchain, XYO Layer One, along with a new utility token called XL1.
The new token will handle transaction fees, gas, contract execution, and user rewards, while the original XYO token will focus on governance and staking.
On-chain metrics also show strong growth in its position within the DeFi space, with TVL climbing to over $91 million, up from $37 million on April 8. This was accompanied by a nearly 300% spike in daily active addresses, suggesting rising user engagement.
Santiment data backs this up, showing a steady climb in the number of wallets holding between 10,000 and 100 million XYO tokens. That suggests whales and mid-sized holders are accumulating, possibly expecting more upside.
XYO price analysis
On the 1-day/USDT price chart, XYO has broken out of a long-term descending trendline, signaling a clear bullish reversal.
It’s now trading above both its 50-day and 200-day moving averages, which is a strong sign that bulls are in control.
Indicators like the MACD and RSI are also flashing green, showing growing strength behind the rally.
Based on this setup, the next potential target for XYO is $0.025, which marks its yearly high so far. However, with the RSI now above the overbought zone, a short-term pullback could occur before the rally resumes.
Market commentators share similar expectations, with some eyeing even higher targets. According to analyst Javon Marks, XYO could be gearing up for a major move. He sees the token heading toward a target of $0.06949, a potential 360% gain from current levels, now that altocin is forming lower highs and momentum is picking up fast.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.