Oxen Crypto Price Prediction

Formerly known as Loki, Oxen is the latest privacy focussed Proof of Stake crypto network facilitating instant transactions.

Alongside payment infrastructure, Oxen provides users access to a secure messaging platform and an anonymous network layer for developers to work on. Such a versatile platform has great potential. For that reason, the project has caught the imagination of traders and investors worldwide. Here, we analyse the crypto price prediction for Oxen and determine whether it is worth our investment.

The native coin of the Oxen network is $OXEN token. $OXEN is primarily used for staking, purchasing name registrations for in-platform router and messenger, and, of course, for the transference of value through instant and private transactions.

Although data concerning the max supply of $OXEN is not available, there are currently 61,703,560 coins in circulation. With a current token price of $0.1781, this gives an overall market cap of $10,981,761. But can we make an Oxen crypto price prediction?

Access to $OXEN is improving as more and more top-tier exchanges continue to list the coin. You can find the token available to trade at KuCoin (USDT, BTC, and ETH pairs), Bittrex (BTC and USDT), and TradeOgre (BTC). It is also possible to swap wrapped OXEN, wOXEN, via popular DeFi platform SushiSwap.

For a breakdown of the best places to trade and invest in cryptocurrencies, check out our guide.

Technical analysis

Let's look at how $OXEN might perform in the near to medium term. By looking at recent technical analysis, it is possible to get a better idea of what $OXEN might do in the future. At the time of press, $OXEN is trading below the 200-day simple moving average (200SMA).

If the current trend doesn't change, the value of $OXEN is predicted to fall by -4.63% by the end of February 2023. That said, technical analysis shows that in the last month, $OXEN recorded 13 out of 30 green days with a volatility score of 1.90%, suggesting that now is a great time to buy the token. Trader sentiment remains neutral, with 17 out of 29 indicators recording bullish signals.

It is also apparent that $OXEN is trading below the 50SMA, with the indicator suggesting sell since 10 February, 2023. The price is predicted to fall to somewhere in the region of $0.177 in the near term. Meanwhile, the Relative Strength Indicator (RSI) remains neutral, scoring 54.64. The RSI score suggests whether an asset is overbought (above 70) or oversold (below 30).

Looking at historic moving averages, opinion is split over whether it is a good time to buy or sell the token. Because moving averages are lagging indicators, they don't take into account immediate or future events, so they should only be used as part of your trading or investing toolkit. As well as the simple moving average (SMA), traders like to use the exponential moving average (EMA). The only difference is that the EMA puts more weight on more recent prices rather than the balanced score the SMA gives. With this in mind, the following data suggests:

As you can see, trends calculated from weekly moving averages continue to suggest that selling is the best option right now. Whereas daily average prices over 10, 21, and 50 days all suggest now is a good time to buy $OXEN.

Charts based on other tech growth

There are several other ways to determine whether it is a good time to buy. If we look at the trends for the historic growth of other famous equities, we get some interesting results.

Obviously, no one can predict the future, but the table above shows just how much room for growth there is for anyone entering the sector at this stage of the asset lifecycle.

Oscillators

We can use oscillators to determine a historic trend set between two parameters, often those of higher and lower values. The difference between these scores gives us our oscillating trend. There are variations on this theme, but some of the more popular and recognised trends are:

As you can see, the overwhelming majority of these indicators suggest a neutral course of action.

Correlation

Correlation indicators help determine if an asset's price action is closely related to others in the same sector. As we can see from the table below, $OXEN is most closely correlated with $ASTAR, $FEI, and $OASIS networks. On the other hand, $OXEN is furthest away from $SINGULARITY, $NEXO, and $FETCH.ai.

Oxen crypto price prediction conclusion

As you can see, there are myriad ways to use technical and historical data to make trading and investment decisions and an Oxen crypto price prediction. However, it is important to use this data as part of an overall trading or investment strategy and not exclusively. Looking at the available data, it is possible to conclude that the current trading sentiment surrounding the $OXEN token is, for the time being, neutral.

As any investor will tell you, predicting market moves is practically impossible. Therefore, it is wise to adopt a broad approach to investing or trading.

[1] Based on average year-on-year growth of the internet between 1995 and 2017

[2] Based on average year-on-year growth of Google between 2000 and 2015

[3] Based on average year-on-year growth of Facebook between 2004 and 2016

[4] Based on average year-on-year growth of the mobile phone sector between 1993 and 2013