XOX in correction-mode
Updated
XOX currently in major downtrend based on parallel channel and its riding Correction Wave B to find a new Lower High.
There are potential limited upside to meet resistance @ 0.170 with Support @ 0.09 (RRR 1:2.2).
Breaking the downtrend channel could bring XOX to a new uptrend Impulse Wave 1 with Resistance area around 0.245
However, if 0.09 support is broken, next support could be as low as 0.055.
Volume is trading low at the moment, with not much news to report.
Banker chip is also none means there are no push from institutions.
With XOX high balance float (70% of 3.076 Billion shares), it needs bigger player to push the price higher. Relatively comparing to
SEDANIA (40% of 302 Million shares) and OOCK (20% of 958 Million shares), more injection needed in XOX to make the price move. Currently only 2 Corporate investors riding with XOX (KGroup, and MARA Inc making up of 12.97%) [Source]
Additonally, XOX will also need more good catalyst/news, like what it did on 26 Aug (Agreement with AliPay Labs +57% in 2 days).
TAYOR guys !
p/s: I'm no expert, only a newbie trader practicing my new understanding on EW. Please help to feedback if you see any room for improvement. Thanks everyone.
There are potential limited upside to meet resistance @ 0.170 with Support @ 0.09 (RRR 1:2.2).
Breaking the downtrend channel could bring XOX to a new uptrend Impulse Wave 1 with Resistance area around 0.245
However, if 0.09 support is broken, next support could be as low as 0.055.
Volume is trading low at the moment, with not much news to report.
Banker chip is also none means there are no push from institutions.
With XOX high balance float (70% of 3.076 Billion shares), it needs bigger player to push the price higher. Relatively comparing to
SEDANIA (40% of 302 Million shares) and OOCK (20% of 958 Million shares), more injection needed in XOX to make the price move. Currently only 2 Corporate investors riding with XOX (KGroup, and MARA Inc making up of 12.97%) [Source]Additonally, XOX will also need more good catalyst/news, like what it did on 26 Aug (Agreement with AliPay Labs +57% in 2 days).
TAYOR guys !
p/s: I'm no expert, only a newbie trader practicing my new understanding on EW. Please help to feedback if you see any room for improvement. Thanks everyone.
Note
XOX is still riding the downtrend channel with a sideway movement. We would monitor the channel for breakout.Volume still low, with no banker chip movement. Looks like this could be a long accumulation.
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