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XDC coin price action breaks below the long-coming support trendline after the fallout of the double top pattern in the daily chart.
XinFin, a hybrid Blockchain technology company that is enterprise-ready, is optimized for international finance and trade. The XinFin Digital Contract uses XinFin delegated proof of stake (XDPoS). This is to create a scalable, secure, commercial-grade blockchain network.
Let us now look at the technical analysis of Xinfin Network cryptocurrency.
Past Performance of XDC
XDC coin price started an uptrend in June 2021. Since then, the coin price has been making higher lows. Thus, resulting in the formation of a support trendline.
However, the recent fallout of the double top pattern resulted in the breakout of the support trendline. Hence, we can see a bearish attack after the price retests the trendline.
Source - Tradingview
XDC Technical Analysis
XDC cryptocurrency is currently at $0.1127. as of the writing date. Additionally, the cryptocurrency has increased by 4.69% in the last 24 hours. Thus, indicating a fightback from bullish powers. However, the price jump lacks volume support, as the intraday trading volume falls by 20%.
As per the pivot points, the next prominent support levels are at $0.095 and $0.068. And, on the flip side, the resistance levels are at $0.125 and $0.155.
MACD and signal lines on the daily chart fall above the zero line. Moreover, the lines maintain bearish alignment. Hence, the indicator gives a bearish signal for XDC.
The RSI indicator shows growth in underlying bearishness as the slope falls below the central line. Furthermore, the slope approaches the oversold region.
Upcoming Trend
As per the XDC Network technical analysis, the situation is bearish for XDC crypto. However, resisting the FOMO, safe traders must wait till the price completes the retest of the fallout. Upon successful retest, traders can observe a profitable entry spot.