Initially, the formation appeared as a pennant flag, then it broke down into what we see now as a descending triangle—this could be very bullish or very bearish. Within descending triangles the volume, as it encroaches on the triangles apex, decreases over time. A descending triangle will also usually make its move to the upside or downside shortly before it hits the apex. According to this chart—the XYO/BTC gives the 3.272 area—the fib extension has shown the runs to reach approx. the 2.272 area; according to the fib we would top out around 12 cents, but 8-10 cents is solid. This is a crypto that my grandad has been prolifically calling to blow up because of its unique—I’m pretty sure it’s the only one—utilization of a proof of location. They are mapping out a geo-spatial mesh network around the globe that will be able to identify the X, Y coordinates of any given object—that is the X, Y in XYO, and “O” stands for oracle. It has a relatively low market cap and was listed on Coinbase recently; prior to this you just about did not hear about this crypto. Coinbase will give it much needed attention and, given its utilization factor, it will most definitely be successful. They plan to do this on Mars eventually as well; they have quite a cool project going on for the scene.
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I forgot to mention, but we’ve found a nice level of support around $0.038 to $0.042; I believe this will continue to make new ATH’s. I believe this because not only is the entire market halfway through a bull cycle, but this crypto offers magnificent use case.
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This thing has a littles less than 1/3 the market cap of Cardano and we saw how fast Cardano shot to over $1. I’m not comparing them, but nothing that the market cap for Cardano is fairly larger and it reached those values quite quickly—in terms of recent time—I know it’s been out for three years and it too that long, but I assume you get my point.
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JUST NOW, as an update: according to the XYO/BTC chart we are just now showing some break out momentum of the descending trend line.
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The immediate above is also true for the Coinbase chart, but for this one the same bullish momentum is being shown but due to I’m assuming how Tether fluctuates the price it hasn’t hit and wicked out of this one yet.
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Correction: meant to say XYO has a little over 1/3 the market cap… technically it’s 2/5 of Cardano.