XYO (XYO) can bounce back from January lows
While the January crypto crash was hard on many coins, XYO (XYO) was hit hard. In fact, during the crash, the coin tanked below the launch price. But we have seen a bit of recovery over the last two weeks. Can XYO (XYO) emerge stronger in 2022? Here are some highlights so far:
At the time of publishing, XYO was trading at $0.02176, up around 2.5% in 24-hour intraday trading.
The coin is trading below its initial launch price of $0.0225, indicating a massive drop here.
XYO is also trading very low compared to its ATH of $0.0834 that was reported in November 2021.
Data Source: Tradingview
XYO (XYO) – can it recover fully in 2022?
There is no doubt that XYO (XYO) has the potential to fully recover this year. We expect sentiment to get better as the year goes, with more gains coming. Besides, we have also seen some signs of life for XYO.
After it fell to lows of $0.0193 in January, it has rebounded sharply. At the time of writing, the coin was trading at $0.02176. It is however important to note the bearish outlook still remains for the coin.
It is still way lower compared to its 25- and 50-day exponential moving averages. If indeed the coin can see gains above its 50-day EMA of $0.0264, then a decisive breakout could in fact follow thereafter.
Is XYO (XYO) a good buy?
The fact that XYO has dipped massively is a sign that it could be primed for buying. Also, the coin has fallen below its launch price. This means that it is selling at a discount. If you wanted to get in, this would be a perfect time.
Besides, XYO recently announced an ecosystem fund of around $20 million that hopes to incentivise developers and bring in new apps. This will help enhance its value in the long run.