X Empire price is surging, but a risky pattern points to a 65% crash

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As a seasoned crypto investor with a knack for spotting trends and analyzing market dynamics, I have to admit that the parabolic rise of X Empire (X) token has caught my attention. The surge in its price, reaching an all-time high of $0.000603 on November 10th, is indeed impressive, especially considering its meteoric 2,917% increase from its lowest level this month.

As a researcher, I’ve noticed an extraordinary surge in the value of the X Empire token over the past few weeks, placing it among the top performers within the cryptocurrency market.

On November 10th, the value of X Token soared to a peak of 0.000603 USD, marking a staggering 2917% rise from its lowest point this month. This surge in value caused the market capitalization of X Empire (X) to swell to an impressive $302 million. Moreover, the trading volume within the last 24 hours skyrocketed to a noteworthy $1.64 billion.

As an analyst, I observed a significant increase in the price of X token following Donald Trump’s election victory and speculation about Elon Musk’s potential role within his administration. According to various sources, Musk reportedly engaged in a call with Ukraine’s Vladimir Zelensky and is contemplating advising the Trump administration as the head of the Department of Government Efficiency.

Simultaneously, Musk’s fortune has significantly increased, reaching approximately $314 billion, more than the Gross Domestic Product (GDP) of many nations.

It’s important to note that the Empire referred to as X is not connected to Elon Musk personally. However, the similarity in names with his business endeavors has caught the attention of traders. Musk, indeed, oversees X, a renowned social media platform, and Xai, an artificial intelligence company valued at more than $6 billion.

X Empire is a popular Telegram-based game boasting more than 50 million active users and an impressive 300 million views on YouTube. Users can engage in competition, aiming to win X rewards that are exchangeable for real-world money. Recently, the creators have integrated AI avatars into their platform.

As a crypto investor, I’m keeping my eyes peeled for potential catalysts that could boost the price of X token. One such promising trigger could be its listing on top-tier exchanges like Binance or Coinbase. Right now, the majority of its trading action happens on platforms such as Bybit, OKX, Bitget, and KuCoin. If it gets listed on Binance or Coinbase, I believe this could significantly increase its visibility and liquidity, potentially driving up its price.

X Empire price is at risk of a big drop

Over the past three days, the price of the X Empire token on the daily chart has been climbing, peaking at a record high of $0.00060 on Sunday.

Given the current data constraints, the Relative Strength Index has surpassed its overbought threshold, implying that the ongoing surge might be slowing down.

There’s a possibility that the X token could be shaping up as a Doji candlestick, which typically has a small body but significant upper and lower wicks or shadows.

As a crypto investor, if today’s close finds us at $0.00043, it hints at the formation of a doji, suggesting a potential change in trend. This shift might lead to a downturn and a revisit of the support level I saw on Oct 24th at $0.00015 – a decrease of approximately 65% from where we stand now. However, if the price surpasses Sunday’s high of $0.00060, this forecast may need to be reconsidered.

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2024-11-11 16:45