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.