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

X Empire price has gone parabolic since the beginning of this month, making it one of the best-performing cryptocurrencies on the market.

The X Empire (X) token rose to $0.000603 on Sunday, November 10, representing a 2.917% increase from this month’s low. As a result, market capitalization rose to $302 million, while 24-hour trading volume reached an impressive $1.64 billion.

The rise in the price of the X token comes as investors celebrate Donald Trump’s presidential election victory and Elon Musk’s potential entry into the administration. According to reports, Musk attended the meeting between Trump and Ukrainian Vladimir Zelensky and may consider advising the Trump administration as head of the Office of Government Efficiency.

Meanwhile, Musk’s wealth has soared, with his net worth reaching over $314 billion, higher than the GDP of most countries.

To clarify, X Empire is not affiliated with Musk. However, merchants were attracted by the name inspired by his initiatives. Musk owns X, a popular social media platform, and Xai, an artificial intelligence startup valued at more than $6 billion.

X Empire is a Telegram game with over 50 million users and 300 million YouTube views. The game allows users to compete and win X rewards that can be converted into fiat currency. Last week, developers introduced artificial intelligence avatars to the platform.

A potential catalyst for the price of token X could be its listing on tier-1 exchanges such as Binance or Coinbase. Currently, the majority of trading volume is found on platforms such as Bybit, OKX, Bitget and KuCoin.

X Empire price is at risk of a major decline X chart | Source: crypto.news

On the daily chart, the X Empire token rose for three consecutive days, reaching an all-time high of $0.00060 on Sunday.

Although data is limited, the Relative Strength Index reaching overbought levels indicates that the rally may be losing momentum.

There is a risk that token X may form a doji candlestick pattern characterized by a small body with long upper and lower shadows.

If the price ends the day within the current range of $0.00043, this will confirm the doji formation, indicating a potential reversal. Such a reversal could lead to a decline and a retest of the support level at $0.00015, the highest rise on October 24, representing a decline of approximately 65% ​​from the current level. This prediction will be invalidated if the price rises above Sunday’s high at $0.00060.