XDC price reached its highest level since January 2022.
The XDC token defies market decline and surges 35.54% in a day to reach $0.86.
Singapore-based XinFin Network native cryptocurrency XDC has witnessed a significant rally for five consecutive days to reach its highest level since January 2022. The token’s price surged more than 300% from its monthly low, hitting an impressive $0.08 from $0.03.
Despite a 1.88% decline in the global cryptocurrency market, XDC Network shattered its prolonged bearish trend and observed upswings. In contrast, major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) experienced drops of 1.68% and 1.27%, respectively.
Top Gainers List (Source: CoinMarketCap)
However, XDC price climbed over 35.54% in the last 24-hour, propelling its price to the $0.8 mark. Also, the token has dominated the top gainers list in the crypto market, as per CoinMarketCap data.
XDC 24-Hour Price Analysis
At the time of writing, XDC Network traded at $0.86 with a 24 hour trading volume of over $27.9 million, up 37%. The daily chart reveals a strong bullish trend for XDC, with the token surging above the crucial resistance level at $0.065.
XDC Price Chart (Source: Tradingview)
Further, the XDC price has risen above the 50-day exponential moving average (EMA), signaling an uptrend. Also, the cryptocurrency’s Relative Strength Index (RSI) entered overbought territory at 8.46.
According to the data, if the token continues its bullish momentum, it will reach the resistance of $0.09. If the trend continues, the price will break through $0.12 and even advance to surpass $0.5. If the bear occupies the trend, XDC price will fall to the $0.5 to $0.4 mark.
XinFin Network, a hybrid blockchain platform, aims to emerge as a leading alternative to established chains like Ethereum, Cardano, and Hedera Hashgraph in the blockchain industry. Also, the platform offers support for smart contracts, decentralized applications (DApps), and seamless cross-border transactions.
Recently, the network made headlines with its participation in an upcoming event in Toronto, Canada, indicating its growing influence and presence in the blockchain industry.