- XDC Token price has broken out of the persistent resistance trendline, with a boom of more than 100% in the past week.
- The token price has risen above all the significant EMAs in the daily technical chart.
- The pair of XDC/BTC is trading at 0.000002999 BTC with an intraday gain of +6.24%.
XDC Token prices have been trailing inside a descending triangle pattern under the influence of a strong resistance trendline. The recent increase in buying pressure has resulted in the bullish breakthrough of the triangle.
The breakout of the correction line and few EMAs projects a strong uptrend with loaded bullish momentum. The uptrend has resulted in the breakout of many key resistance levels like $0.074 and $0.094.
The current XDC token price at $0.105 has increased the market cap by 12.88% in the last 24 hours. Furthermore, the intraday trading volume has increased 73% projecting entry of bullish players.
XDC Token Price Confuses Investors Between Reversal and Retest.
XDC coin price has faced a sharp supply near the $0.112 mark resulting in the sharp fall in uptrend. The volume of the sharp fall is on the lower side projecting the possibility of a retest rather than a reversal in overall trend.
The coin price is suspected to retest the level of $0.094 before regaining the bullish uptrend momentum. However, an increase in selling volume might result in the trend reversal, in such a case, the level of $0.074 may help bulls regain control.
In case the retest is a success, the coin price may hit the level of $0.15 or even $0.175 depending on whether the buying volume sustains above the 20 MA or not.
The RSI is spiked and is trailing in the overbought zone, implying tremendous growth in underlying bullishness.
The ADX indicator is on the rise projecting the trend is strong.
Conclusion – The sudden fall in the XDC coin price is not yet confirmed as a retest or as a reversal. The confirmation depends on the sustenance of coin price above the $0.074 level.
Investors may find a beneficial and a safe entry point near the $0.074 mark if the price sustains above it. However, investors must pay special attention to the volume to avoid getting trapped.
Support – $0.045 and $0.039
Resistance– $0.074 and $0.094