According to renowned crypto analyst Mags, the cryptocurrency market is witnessing another potential success story as XAI’s value climbs. The digital token, currently priced at $1.41, has seen a significant uptick, boasting a 113% increase. Mags, who has been watching XAI’s price movement, now eyes a $2 target for XAI.
Previously, Mags had observed XAI achieving a 70% gain, positioning it on the brink of surpassing its all-time high. This trend underscores a growing confidence among investors and market watchers. Moreover, the analyst’s projections have sparked interest and speculation within the crypto community.
XAI has shown significant market activity, with its trading volume reaching $183 million, an increase of 15%. This surge has contributed to a boost in XAI’s market capitalization, now valued at $391 million, elevating its ranking to 151st, a 10% jump observed in just one day.
Breaking past the previous resistance level of $1.40, XAI’s price showcases a promising trajectory, having escalated by 39% over the last week. This upward movement signals a strong buying interest and hints at the potential for further price advancements.
The next milestone for XAI is crossing the $1.50 mark, aligning with its current channel’s upper resistance trend line. With the market’s bullish momentum, a climb toward the $2 mark seems plausible. However, it’s crucial to note that falling below the $1.20 support could lead to a retraction towards the $1 threshold.
Technical indicators provide further insight into XAI’s current state. The Relative Strength Index (RSI) stands at 61, indicating a balanced market that leans slightly towards an overbought condition. The cryptocurrency’s performance is also underscored by its break above the 10-day simple moving average and its emergence from a descending channel.
Supporting the optimistic view, the Moving Average Convergence Divergence (MACD) shows a bullish crossover. At the same time, the 20-day Simple Moving Average (SMA) and the 50-day SMA’s rise above the 200-day SMA affirm the positive market sentiment. The Chaikin Money Flow index, currently at 0.13, further validates the bullish outlook for XAI.
