- XEN cryptocurrency holders and traders must approach the markets in very different ways.
- The main level overhead is visible to traders, but holders will need to lace up for longer rides.
The XEN (XEN) cryptocurrency has recorded a strong rally over the past 36 hours, breaking out of a multi-month range formation. Daily trading volume doubled on Thursday, November 14, when XEN broke above the four-month resistance zone at $0.118 (multiplied by 1 million for readability).
Altcoins are traded on smaller exchanges and are not listed on top exchanges such as Binance, Coinbase or Bybit.
Therefore, this gives holders hope for the future and that such a listing will further improve visibility and price. The recent breakout and high volume could be the start of a major rally.
XEN overcomes 5-month resistance and challenges another resistance.
Source: XEN/USD on TradingView
The $0.118 and $0.154 levels have remained respectable since the end of June. They have been in resistance for the past five months. Despite repeated tests, the $0.118 level was firmly defended by bears until November.
High trading volume and optimistic beliefs across the market have driven the price of the XEN cryptocurrency higher. At press time, the $0.154 level was under siege. RSI was at 65, showing strong bullish momentum on the daily time frame.
A bearish divergence has not yet emerged. Additionally, the fully diluted value of those tokens was only $18.74 million at press time. During bull markets, and even bear markets when Bitcoin begins a sudden rebound, the value of these low-cap tokens tends to explode.
Therefore, holders should evaluate their situation carefully. Can you afford to be greedy, or do you like cashing in on your profits without looking back?
Source: BTC.D on TradingView
The Bitcoin dominance chart showed a strong upward trend. This weekly outlook showed that the crucial 60% threshold had shifted to support.
Realistic or not, the market cap of XEN in BTC terms is:
The last time we saw a true altcoin season was in January 2021, after BTC.D fell from 60.4% to 39.66% and lasted until November. Perhaps holders could wait for a similar BTC.D downward move before cashing out their XEN cryptocurrency.
Disclaimer: The information presented does not constitute financial, investment, trading or any other type of advice and is solely the opinion of the author.