- XDC Network (XDC) price surged 9.08% on the past day and it is currently trading at $0.069.
- XDC Network price (XDC) surged nearly 170% after the breakout of upper trendline resistance.
The XDC Network (XDC) is a layer 1 blockchain that works with the EVM and the ISO 20022 payment standard. This makes it easy for developers and financial institutions to build apps on it. The platform also has the XDCPay app: a web extension for some browsers that claim to make it simpler for investors and businesses to use.
XDC Network’s price is currently trading at $0.069, inclining by 9.08% in the past 24 hours. As per Coinmarketcap data, XDC Network crypto holds a total market cap of $967.03 Million and ranks 45th in the crypto market.
XDC token has received a $18.52 Million volume in the past 24 hours which is 12.1% more than the previous day. Also, it has over 13.855 Billion circulating supply. The volume to market cap ratio of XDC coin is 1.93% which indicates low volatility in the market.
XDC Network Price Prediction Using Price Action Strategy
The XDC Coin price analysis reveals that the price formed a descending triangle pattern on the daily chart after the breakout of which the price surged nearly 170% in a very short span of time.
Currently, the price seems to be declining and has started forming lower highs. The short-term outlook for the price predicts that the price has already given a 170% to the investors in less than a month indicating a profit booking by the investors followed by the price to undergo a correction phase.
The long-term outlook for the price is still positive until the price remains above the previous breakout zone. However, the price may decline or consolidate at the current level.
Technical Indicator Analysis
XDC price is trading above 50 and 200 EMA both indicating a strong bullish sentiment prevailed and the EMA may act as a support if the price declines.
At the time of publishing, the RSI value of XDC Network is 57.44 and that of the SMA line is 66.16. RSI suffered rejection after entering an overbought zone. Also, RSI is showing a divergence adding further the confirmation of price to undergo a correction phase.
Conclusion
XDC Network (XDC) coin price prediction concludes that the price rose 170% after breaking out of a descending triangle pattern on the daily chart. Price is now forming lower highs and may correct or consolidate. The price is bullish in the long term as long as it stays above the previous breakout zone. The price is above 50 and 200 EMA, showing strong bullish sentiment. The RSI is below the SMA line and diverging, indicating a correction phase.
Technical Levels
- The support levels at $0.061 and $0.043.
- The resistance levels at $0.081 and $0.090.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.