thenewscrypto.com
- $XDC Price has declined by 5.20% in the past 24 hours.
- The market capitalization remains low, experiencing a decrease of 1.07%.
$XDC, the native cryptocurrency of Singapore-based XinFin Network, has captured the attention of the crypto community for over a month due to its impressive bullish performance. The coin recently reached an all-time high for the year at $0.08, marking an surge of over 300% from its monthly low of $0.03.
Over the past 30 days, $XDC soared by an impressive 123.71%. Behind this rally lies a significant collaboration with IMDA’s TradeTrust – a Singaporean framework designed to establish interoperability for electronic trade documents across various digital platforms.
The collaboration marks a milestone for the $XDC Network, with the potential to expand its reach and user base. It also serves as a driving force behind the recent surges in $XDC’s value and trading activities.
However, the current market scenario has prompted some speculation within the community about the sustainability of the ongoing bull rally. Presently, $XDC is valued at $0.0693, reflecting a decline of 5.20% and a modest market capitalization decrease of 1.07% within a 24-hour timeframe. This has led to questions regarding whether the bullish momentum is beginning to wane.
Is The End of the $XDC Bull Rally Near ?
An analysis of the daily price chart offers insights into the situation. While the price has dipped above the short-term 50-day simple moving average (50 SMA), indicating a prevailing bullish sentiment.But the recent price fluctuations suggest a potential downward shift and the emergence of bearish sentiment.
A glance at the daily Relative Strength Index (RSI) reveals that $XDC currently stands at 58, potentially hinting at an overbought condition. This observation raises the possibility of a correction in the near future.
If the pattern trend continues, then the price of $XDC might reach the resistance levels of $0.07690 and $0.12866. If the trend reverses, then the price of $XDC may fall to the support of $0.06538, $0.05673, and $0.04682. Meanwhile, trading volume has experienced a slight increase of 5.85%, reaching $22,388,088.
In conclusion, while $XDC Network has enjoyed a sustained bull rally, recent market dynamics and technical indicators suggest a need for caution.