XAI Price Tests Lower Boundary of Ascending Parallel Channel Amid Growing Gaming Narrative
XAI (XAI) price has been consolidating within an ascending parallel channel for the past two weeks. The odds are inclined toward breaking this bullish technical formation as profit-booking intensifies. It comes despite the metaverse and gaming themes steadily gaining ground in the crypto space. The market is also reeling from the Bitcoin spot exchange-traded funds (ETFs) narrative and speculation on similar investment products for Ethereum (ETH).
XAI Price Sheds Gains due to DWF Labs Integration
XAI (XAI) price recorded over 10% in gains on January 17 off the back of integration with DWF Labs. Specifically, the digital asset market maker launched the sentry nodes on XAI Games, marking the world’s first Layer 3 (L3) solution for AAA (high budget or high profile) gaming. Meanwhile, the XAI ecosystem shows commitment to building on its mission to onboard the next billion gamers into Web3. It boasts additional integrations with Arbitrum (ARB), including ongoing plans to migrate Crypto Unicorns from the ARB chain to the XAI network.
XAI Price Outlook as Network Doubles Down on Web 3 Expansion
XAI price bullish outlook remains intact, for now, until such a time when the $0.53 support will be breached. The Parabolic Stop and Reverse (SAR) indicator shows this, trailing XAI price from below and providing support at $0.70. Enhanced seller momentum could see the XAI Network price fall out from support provided by the ascending parallel channel with a possible 10% flop to the $0.70 psychological level. In a worse case, XAI Network price could roll over to test the $0.53 critical support, nearly 30% below current levels.
On-chain Metrics to Support XAI Price Bearish Outlook
Multiple on-chain metrics from Santiment support the bearish outlook. The volume of XAI tokens is dwindling, moving from a peak of 589.79 million around mid-January to the current 111.15 million. This represents an 81% drop in just about a week. This, backed by the subdued buying power of the XAI bulls, accentuates the bearish thesis.
Conversely, a resurgence by the bulls could see the XAI Network price push north to test the midline of the channel at the $1.00 psychological level. Further north, the gaming token could test the $1.16 resistance level, or in highly bullish cases, shatter this level and reclaim the range high of $1.23.
Analyst comment
Positive News:
– XAI (XAI) price recorded over 10% in gains on January 17 off the back of integration with DWF Labs.
– XAI ecosystem shows commitment to building on its mission to onboard the next billion gamers into Web3.
– XAI Network price bullish outlook remains intact for now.
Negative News:
– XAI price tests lower boundary of ascending parallel channel amidst profit-booking intensifies.
– XAI tokens volume is dwindling, representing an 81% drop in just about a week.
– The market is reeling from the Bitcoin spot exchange-traded funds (ETFs) narrative and speculation on similar investment products for Ethereum (ETH).
Neutral News:
– The odds are inclined toward breaking the bullish technical formation of XAI price.
– Multiple on-chain metrics from Santiment support the bearish outlook.
