Summary
XDC Network, a top 50 cryptocurrency by market capitalization, experienced a surge of 4.26% in 24 hours but saw a drop of 6.06% in the past week. However, over the span of a month, XDC surged by an impressive 93.35%. Despite this positive trend, trading volume decreased by 26.20%, causing caution among investors. XDC Network remains significantly below its all-time high.
Introduction
XDC Network, a prominent cryptocurrency ranked among the top 50 by market capitalization, experienced a noteworthy surge of 4.26% within a span of 24 hours. However, it endured a challenging week, with its prices dropping by over 6.06%. Taking a broader view of the month, it exhibited an impressive surge of 93.35%. This upward trajectory commenced on July 20, when the coin was valued at $0.03, as indicated by CoinmarketCap data.
Main Points
Despite these positive trends, the current market sentiment has shifted towards bearish pressure, leading to a notable decrease of 26.20% in trading volume. This has prompted caution among investors and impacted the ongoing investigation. XDC Network still lags behind its all-time high of $0.1939 by a significant margin of 67.9%. In the midst of an overall crypto market capitalization decline of 1.37%, XDC’s market capitalization has only dipped by 3.74%, resting at $856,158,27. This resilience is attributed to several factors, including its utilization for streetwear guarantees on eBay, integration with Chainlink’s Oracle network, and a productive partnership with R3 Corda to enhance interoperability.
The anticipation is in harmony with the token’s escalating value and the project’s sponsorship of WebX 2023 by SBI VC Trade, a Japanese cryptocurrency trading firm. Moreover, with the prospect of additional future sponsorships, there is an expectation that the prevailing bearish trend could potentially weaken.
Conclusion
A detailed analysis of XDC’s daily price chart reveals a prevailing bearish sentiment. The price has been consolidating, favoring bears. However, the daily Relative Strength Index (RSI) hovers around the neutral zone at a value of 51. Predicting potential future scenarios, if the ongoing pattern persists, the price of XDC could ascend to resistance levels of $0.07690 and $0.12866. Conversely, if the trend reverses, the price might retreat to support levels of $0.06538 and $0.05673.
