What is XNA, and why is it up 280% in the last week?
Over the past week, XNA has surged by 280%, with a 30% increase in just the last 24 hours, trading at $0.003988 as of press time. This remarkable rise has raised many eyebrows and questions among traders and investors. What is Neurai, and what are the factors behind its rapid ascension?
Neurai’s (XNA) aims to integrate the Internet of Things with AI, creating a bridge between these two revolutionary technologies. This integration is facilitated through APIs or by using AI dedicated to specific hardware such as ESP32 or RISC-V-based devices. This interconnection is then linked with Neurai’s assets, creating a hybrid virtual-physical ecosystem.
The recent rally follows the Nov. 19 release of a new version of the Neurai-QT and Neurai wallet software. Still, there is no conclusive evidence that the price increase is in any way related to this announcement.
On Nov. 24, YouTube crypto analyst New Thought Crypto provided a detailed technical analysis of XNA. According to the analyst, XNA experienced a V-shaped bottom and broke out on Nov. 18th. A key feature of this pattern is the price’s sharp fall to a trough followed by a sharp rise, signifying a strong reversal in market sentiment.
The analyst projected a tentative target of $0.005, extrapolating from the distance between the bottom and the breakout point. However, the analyst also cautioned investors about the psychological aspects of trading, suggesting that many might prematurely sell their holdings out of fear.
XNA, being a relatively young coin, does not have established support and resistance levels, which are typically used by traders to make informed decisions. The analyst emphasized the importance of understanding market trends and advised against arbitrary profit-taking. Instead, the focus should be on recognizing trend changes, which are signified by a series of highs and lows in the asset’s price.
For long-term holders, the suggestion was to rely on weekly charts to gauge market trends, while traders might focus on shorter time frames. The key takeaway was to avoid selling during a strong upward trend and to wait for a clear trend reversal before exiting.
The analyst also introduced the concept of an ‘order block’ in the context of XNA — an area on the chart with significant buying and selling activity, which could indicate potential future price movements. The implication is that XNA has not yet reached its full potential, especially since it is not listed on major exchanges yet.
