The crypto market is currently not having the best of times, but X Empire’s X token is having quite the opposite experience.
The crypto market is currently not having the best of times, but X Empire’s X token is having quite the opposite experience. Generally, the market has been left reeling from the pressure of Bitcoin dropping below the $100k mark. In the usual manner, when the flagship cryptocurrency drops in value, other major coins like Ethereum ETH $3 827 24h volatility: 3.6% Market cap: $460.80 B Vol. 24h: $38.26 B , XRP XRP $2.41 24h volatility: 7.1% Market cap: $137.45 B Vol. 24h: $14.46 B , and Solana SOL $223.6 24h volatility: 4.7% Market cap: $106.45 B Vol. 24h: $6.93 B also suffer declines of varying degrees.
This has been the development so far, with each of the aforementioned coins pulling back 2.36%, 5.79%, and 4.58%, respectively. That is as of this publication.
This crash has been so widespread that the global crypto market capitalization has dropped nearly 1.8%, now standing at $3.59 trillion.
Interestingly, however, one cryptocurrency, X Empire, is riding against the tide. Despite the market-wide crash, X has gained nearly 32.76% over the past week. That is, according to CoinMarketCap data.
As earlier established, X Empire is performing better than most of its peers at the moment. However, the fact that the popular tap-to-earn gaming token initially struggled in the weeks following its launch is also worth noting.
While the initial struggle may be linked to users’ dissatisfaction after its airdrop, X Empire began to turn things around in early November. In the month, it hit an all-time high (ATH) of $0.00058 and has been holding strong ever since.
Talking about this recent rally, however, it appears to be largely as a result of investors shifting their interest from large-cap cryptocurrencies to smaller ones. More so, since these low-cap tokens like X Empire present them with short-term profit opportunities, especially during market crashes, as the one currently playing out.
In the last 24 hours, the token’s trading volume has also surged by 23%, reaching $423.22 million in the process. This momentum nudged the price towards $0.0003194 before finally settling at $0.0002784. Although presently there are indications that the price may have settled, the persistent buying pressure continues to raise hopes that further gains may still be possible.
It is not exactly clear whether X can maintain its ongoing rally for long. If history is anything to go by, however, X Empire has always found it difficult to maintain upward trends. In view of this, the rising prices may lead investors to quickly take profits, which will, in turn, lead to increased selling pressure.
Besides, indicators like the Commodity Channel Index (CCI) and Momentum also suggest selling pressure. That is not to mention the fact that the overall market downturn may eventually spill over to the token.
On the positive side, buying activity is currently on the strong side, while the Relative Strength Index (RSI) also shows that investor interest remains high. If this continues to be the situation, X Empire could potentially reach $0.0005 and even surpass its ATH of $0.00058 in the long term.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
