X Empire Token ($X) Got Listed Today But Saw a Slight Dip

24 ott 2024

X Empire Token (X), a Tap-to-Earn mini-app on the TON blockchain, has been making headlines recently—but not for the reasons many would have hoped. After getting listed on major exchanges like Bybit, Bitget, and OKX, X saw its price quickly plummet from $0.000108 to $0.00005868, sparking outrage among early investors and participants of the game’s airdrop. Some are calling the project a scam, while a few remain optimistic about its long-term potential.

Let’s break down the current state of X, exploring both the technical and fundamental aspects, and assess where the token might be headed in the coming days.

Fundamental Analysis
X Empire (X) is marketed as a Tap-to-Earn Mini App integrated with other mini apps on the TON blockchain. The project aims to tap into the gamified experience of earning tokens, allowing users to engage with mini-apps and earn X tokens. However, shortly after its listing, users voiced frustration, accusing the team of mismanagement and branding the project as fraudulent.

One user pointed out that X Empire processed a $27 million transaction while the token’s market cap is around $32 million. This discrepancy has raised questions about the token’s financial structure and transparency.

Amidst the negative sentiment, some holders remain bullish. A handful of users believe X could surge 50-100x in the next 72 hours, comparing the token’s potential to other explosive meme coins. But with a sharp 45.35% price drop in just 24 hours and dwindling market confidence, many remain skeptical.

Current Market Data
- Live Price: $0.000059 USD
- 24-Hour Trading Volume: $21.9 million
- Price Decline in the Last 24 Hours: -45.35%
- Market Cap Ranking: #2742
- Circulating Supply: Not available
- Max Supply: 690 billion X coins

Despite the grim performance, X continues to garner attention with a high trading volume, indicating that it is still on the radar for both traders and investors looking for speculative opportunities.

Technical Outlook
From a technical perspective, X is currently down 27%, trading at $0.000079 at the time of writing. Most of the selling pressure has come from airdrop participants, leading to a bearish trend. Many of these users are looking to offload their tokens, which is contributing to the constant price decline.

However, on the 15-minute price chart, X is showing a bullish harami pattern, a technical formation that suggests potential for a price reversal. This indicates that there could be some short-term optimism, especially if the influx of buyers persists. If the token manages to attract enough buyers, it could target the $0.0001 pivot point, a key psychological and technical resistance level.

Key Support & Resistance Levels:
- Immediate Support: $0.000058
- Key Resistance: $0.0001 (pivot point)
- Overhead Resistance: $0.000108 (initial listing price)

In the short term, X will need to break through the $0.0001 mark to regain market confidence. However, traders should be cautious as the RSI (Relative Strength Index) is likely to show oversold conditions soon, making it a highly volatile asset for day traders and short-term investors.

Conclusion: A Tale of Two Perspectives
The X Empire Token (X) is facing significant hurdles, with growing skepticism surrounding its legitimacy and future potential. However, the presence of bullish patterns on shorter timeframes indicates that the token could experience a short-term rebound if market conditions improve.

For now, the project is battling jeets (weak holders) and bears, and all eyes are on the next 2 to 3 trading days to see if X can consolidate and find stability. Those who are bullish believe the token could reach new highs, while others remain wary of the risks.

If you're considering trading or investing in X, it’s crucial to stay updated on the latest developments and market sentiment, as both could heavily influence its next move.