Is XY Oracle (XYO) buy opportunity after the current dip?

XY Oracle XYO/USD has weakened from $0.033  to $0.019 since the beginning of January 2022, and the current price stands at $0.021.

XYO is currently down more than 70% from its record level, and according to technical analysis, this crypto remains in a bear market.

XY Oracle solves real-world problems

XY Oracle is a network of devices that anonymously collects and validates geospatial data or data with a geographic component.

All data that XY Oracle processes need to be connected to a specific location, and with more than 3 million nodes, XY Oracle has become one of the largest blockchain networks globally.

This project solves real-world problems, whether they affect 3 or 3,000,000 people, and according to the team that stands behind XY Oracle, it only has room to grow.

XY Oracle has a mission to increase understanding of the public benefit of an incentive-driven geospatial location network and offers resources to educate individuals, developers, and enterprises. The team of XY Oracle added:

XY Oracle provides forward-thinking developers and dilettantes opportunities for innovation and evolution. XY Oracle can impact your project, and we will focus on teaching interested parties how to stay ahead of the game and devote resources to the projects that really matter.

Many projects already collaborate with XY Oracle, and the most popular ones include Chainlink, Microsoft, Rivetz, Hydrogen, Harmony, Mobi, and Deon Digital.

XYO is the native cryptocurrency of XY Oracle, which is used to calculate smart contract agreements on the network. XYO has achieved an impressive gain in the first days of November 2021, and it has reached a record high above $0.08 on November 06.

XYO is currently down more than 70% from its peak; still, XY Oracle is a very interesting project, and the price of XYO could advance again at levels that we saw in November 2021.

Bears in control of XYO

Technically looking, XYO remains in a bear market, but the current price level represents good value for what you pay, and maybe now could be a good time to buy this cryptocurrency.

Data source: tradingview.com

If the price jumps above $0.030, it would be a strong “buy” signal, and we have the open way to a resistance level that stands at $0.040.

The current support level for XYO stands at $0.020, and if the price falls below it, the next price target could be around $0.018 or even below.

Summary

XY Oracle solves real-world problems, whether they affect 3 or 3,000,000 people, and according to the team that stands behind XY Oracle, it only has room to grow. XYO is currently down more than 70% from its peak; still, XY Oracle is a very interesting project, and the price of XYO could advance again at levels that we saw in November 2021.

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