In today’s article, we will be reviewing XYO’s historical price movements and market predictions, so that we can issue a XYO price prediction for September 2020.
XYO is a cryptocurrency project that seeks to promote location-based blockchain applications to real life. The company behind it, XYO Foundation, makes resources available for educating individuals, developers, and enterprises interested in creating a location-based data network built on shared incentives.
XYO is an ERC20 token used on the XYO oracle network, and it is built on the Ethereum blockchain. The network is made up of devices that anonymously collect and analyze geospatial data. It is a trustless network based on proof of origin, which enables it to validate the authenticity of location data flowing into the XYO network.
It is the 575th cryptocurrency by market capitalization as of today ($7,110,365) and is currently worth $0.000554 per coin. It has a circulating supply of 12,844,821,266, with a total supply of 13,960,974,963. XYO does not need mining, as the coins are pre-mined. $55,804.44 worth of XYO has been traded in the last 24 hours. In this article, we will go over the price forecasts for the month of September and even beyond to help you make informed decisions on investing in the token.
XYO Price Prediction: Analysis
XYO started the month of September at a higher price than it is today. On September 1, the price was $0.000825 and rose even higher before starting a downward move till today. The coin has reached its highest price ever for this year during this period and, although it has declined significantly, it is still higher than in previous months.
A look at the daily chart for XYO/BTC shows that the price is not on its way up yet. Using the 20 and 50 moving averages, you can see that the price has crossed the 20 MA and is below it, but the 50 MA is still under, suggesting it is serving as support.
The weekly chart, which is a higher time frame, shows that the trend is still generally bullish. Both the 20 and 50 MA are safely beneath the current price level, indicating bullish support. Although the price is in consideration in the 1-day chart, it could be breaking upward, as the higher time frames suggest a bullish tendency.
Here are the key support and resistance levels, according to Walletinvestor.
- Resistance Level (R3): 0.000775;
- Resistance Level (R2): 0.00070068;
- Resistance Level (R1): 0.000661;
- Pivot Point: 0.000587;
- Support Level (S1): 0.000547;
- Support Level (S2): 0.000473;
- Support Level (S3): 0.000433.
XYO Foundation plans to release Geotoken #3. According to an announcement on the Foundation’s Twitter handle, it is more highly valued than Geotoken#1. Geotoken #3 will cover several countries, including Southern Africa, Madagascar, Australia, New Zealand, Papua New Guinea, Indonesia, and Fiji.
XYO Price Prediction: Market Opinion for September 2020
Even if XYO is a bit down now, several price analysis platforms have opinions on what the future holds for the coin. The following are some top price prediction platforms’ opinions to give you a clearer picture of what the XYO market may be in the future.
XYO price is currently at $0.000585, but Walletinvestor places the 1-year price prediction at $0.00263 and the 5-year prediction at $0.01096. The following are the price predictions for the next 14 days:
|Date||Price||Min Price||Max Price|
By the end of September 2020, Digitalcoinprice predicts that XYO will be worth $0.00111948, which means an increase of 88.25% from its first price.
Cryptoground predicts that in 24 hours, XYO will dip by 19.49% and remain at $0.0005, and the same price is expected to last till the next month. In 6 months, it could go up to $0.0006 and $0.0017 in one year.
XYO Price Prediction: Verdict
XYO, during its short existence, has not made much progress in price. However, the future seems bright for the token as the predictions above show. If you are wondering if XYO is a viable crypto investment, the price forecast suggests the answer is yes. Also, as the price is still very low, it is ideal to buy now if one intends to make a profit on it in the future.
Featured image: investinblockchain.com