- XEN crypto holders and traders must approach the market in vastly different ways.
- Key levels overhead were visible to traders, but holders should buckle up for a longer ride.
XEN [XEN] crypto has broken out of a multi-month streak and has posted strong gains in the past 36 hours. Daily trading volume doubled on Thursday, November 14, as XEN climbed past a four-month resistance zone at $0.118 (values multiplied by one million for readability).
The altcoin is traded on the smaller exchanges and is not listed on the top exchanges such as Binance, Coinbase or Bybit.
As such, this gives holders some hope for the future that such a listing would deliver further improvements in visibility and price. The recent breakout and high trading volume could be the start of a major rally.
XEN transcends one five-month resistance and challenges another
Source: XEN/USD on TradingView
The $0.118 and $0.154 levels have been significant since late June. They have been resisting for the past five months. Despite repeated tests, the $0.118 level was firmly defended by the bears until November.
High trading volume and bullish belief in the market pushed XEN crypto prices higher. At the time of writing, the $0.154 level was under attack. The RSI was at 65, showing intense bullish momentum on the daily time frame.
There was no sign of a bearish divergence yet. Moreover, at the time of writing, the token had a fully diluted value of only $18.74 million. During bull markets, and even in bear markets when Bitcoin suddenly starts a rally, these low-cap tokens tend to explode in value.
Therefore, holders must weigh their situation carefully: can they afford to be greedy, or are they happy to cash out their winnings and not look back?
Source: BTC.D on TradingView
The Bitcoin dominance chart was in a strong uptrend. This weekly outlook showed the crucial 60% threshold being reversed to support.
Realistic or not, here is the market cap of XEN in terms of BTC
The last time we saw a real altcoin season was in January 2021, and it lasted until November after BTC.D dropped from 60.4% to 39.66%. Perhaps holders can wait for a similar downward move in BTC.D before cashing out on XEN crypto.
Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
