Turkish investors invest in XNA, RIO and NEXA because they think they can experience growth like Kaspa (KAS).
The growth that the cryptocurrency market experienced in September and October continued in November. Many altcoins attracted attention by achieving sensational growth. Furthermore, the surge that BTC experienced until mid-November left to cool down in the latter days of the month. While BTC is quiet these days, crypto investors are focused on potential gains.
Caspa was the driving force behind the rise of the crypto market. CASPA has increased by more than 250 percent since October 14. Turkish investors began investing in XNA, RIO and NEXA, which they believed had the same potential as Kaspa.
Türkiye’s influx in cryptocurrency called ‘Gem’!
These days, when the crypto market is growing and many altcoins are gaining notable momentum, Turkish investors have set their eyes on projects called Gems.
Kaspa (KAS) has become an important factor in the gem hunting of Turkish investors. Since October 14, the popular cryptocurrency KAS has increased by 266 percent. The rise of KAS has whetted investor appetite. Caspa emerged as a layer-1 blockchain project.
KAS completed its bullish run by rising from $0.042 to $0.15. KAS, which had a market cap of over $2.5 billion, became one of the most popular cryptocurrencies in a short period of time. KAS’s daily volume fell 32 percent to just above $85 million.
KAS, which was last listed on Binance futures, has whetted the appetite of gem hunters. Especially crypto influencers started sharing various cryptocurrencies saying that it will be the new Caspa. These cryptocurrencies include XNA, RIO, and NEXA. Turkish investors started turning to these cryptocurrencies thinking that they missed out on CASPA. Interest in the projects increased so much that there was a sharp increase of between 100 percent and 500 percent.
Turkish investors are here: Nexa
NEXA, the layer-1 blockchain project that attracted attention with the rise of Kaspa, continues to attract Turkish investors.
NEXA attracted attention with its structure with lots of zero and layer-1 blockchain projects. NEXA, which has a PoW infrastructure, also offers mining opportunities. NEXA’s growth also attracted Turkish investors. NEXA rose from $0.000004 to $0.00000825 in the last month. NEXA’s market cap, which increased by 100 percent in a month, reached $18 million. NEXA, which is in the high-risk asset class due to its low market cap and liquidity, has been featured among the potential gems. Turkish investors involved in the project hope that there will be a new Kaspa.
Looking at the NEXA charts, the price needs to overcome potential resistance points to continue its rise. The most important resistance point for NEXA appears to be the $0.000009615 area. However, NEXA is trading close to the support at $0.000008050 on the current charts. If this area is conquered and the price holds, $0.000009615 could be tested. Breaking this resistance point could push the NEXA price to $0.00001156. It seems difficult to surpass $0.00001156. However, upon exceeding this, NEXA will test $0.00001256 and $0.00001484 respectively. Crossing these zones could lead to an eventual rise of NEXA to $0.00001729.
On the other hand, NEXA may decline as investors start taking profits and lower expectations. If BTC turns the market negative, it will extend the decline in Nexa. If NEXA fails to hold the nearest support point at $0.000008050, it may retreat to $0.000007150. Losing this area could see NEXA price reach the final support point at $0.000005331.
XNA attracted attention
XNA, the layer-1 blockchain project that gained attention with the rise of Kaspa, continues to attract Turkish investors.
XNA attracted a lot of attention due to its sub-$1 price and its layer-1 blockchain project. XNA, which has a PoW structure, also offers mining opportunities. XNA’s growth also attracted the attention of Turkish investors.
XNA is up more than 500 percent since the beginning of October. The price of XNA was around $0.000365 on October 5, and increased to $0.0025 during the day. XNA, which has achieved sensational growth, attracts investors with the hope that it could become a new CASPA. XNA, which is classified as a high-risk asset class due to its very low market cap and liquidity, has been shown among the potential gems. XNA’s current market capitalization is approximately $16 million. Additionally, XNA achieved a volume of $1.12 million in the last 24 hours.
When looking at the XNA chart, there is a need to determine resistance points as the price is taking shape right now. Continuing its potential upside, XNA has not yet faced strong selling pressure. Therefore, hard points of lead resistance can form. Looking at XNA’s market cap, volume, and potential interest, it seems possible that the price could reach $0.0025. Watching this zone and increased buying could push the price of NXA to $0.0030.
If XNA’s gains accelerate further, the $50 million mark in market capitalization could be seen. This may increase the price of XNA to $0.0075. Many investors think XNA could explode, especially based on KAS growth.
On the other hand, XNA could decline due to negative crypto markets and increased selling. XNA, which is currently on a strong rise, could host a profit sale. In this case, XNA may drop to $0.002 in a short period of time. XNA, which will seek support from this area, may retreat to the $0.0015 support if it loses strength. The $0.0015 support is important for XNA. If this difficult support point is lost, XNA price may drop to $0.0010.
Expectations are high for tokenization issue: RIO is on the rise
Another cryptocurrency that attracted a lot of interest from Turkish investors and drew attention to its project was RIO. RIO provides services in tokenizing real-life products. These days, when the issue of tokenization has gained great importance, it seems that RIO has caught on to this trend.
RIO trading volume increased by 40 percent in the last 24 hours to $8.66 million. RIO, which saw an increase in transaction frequency, surged by nearly 20 percent during the day. Additionally, looking at the chart from a broader perspective, RIO has seen an increase of over 400 percent in the past month. While the price of RIO was around $0.125 on October 13, it reached $0.63 during the day. RIO, which made a big debut, also attracts the interest of Turkish investors.
RIO, which offers real-life tokenization, has high hopes. RIO, which has achieved sensational growth, attracts investors with the hope that it could become a new CASPA. RIO, which is classified as a high-risk asset class due to its very low market cap and liquidity, has been shown to be among the potential gems. RIO’s current market capitalization is approximately $4 million. The circulating supply of RIO stands at 6,658,515 units. The maximum supply of RIO was set at 75 million units.
Looking at the chart, the price seems to have increased significantly. However, expectations have increased for RIO that it can continue its potential growth with a market cap of $4 million. RIO is near the $0.6696 resistance. If this area is crossed, RIO price is expected to rise to $0.7028. The resistance at $0.7028 is extremely important. This area can be viewed as a price level where sellers can dominate. A move above $0.7028 could push RIO price to $0.9385. Breaking the strong resistance at $0.9385 could stabilize RIO price at $1.
On the other hand, RIO may decline due to sellers becoming dominant and changing market conditions. If there is a decline, RIO price could consolidate near the $0.6095 support. If this support zone is broken, RIO price may drop to $0.5873. If $0.5873, which currently signals a more bullish trend, is lost, things will reverse and RIO will try to gain strength at $0.5350. This area is shown as the price level where buyers will concentrate. However, if this area is also lost, RIO could retrace to $0.47 in the short term.