The XDC Network (XDC) is up more than 19% in the last 24 hours. XDC is trading at $0.06106 with a daily trading volume of $10.8 million, up 16% in one day. While major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) are trading in relatively flat ranges, XinFin Network’s original cryptocurrency XDC has taken the spotlight, gaining over 19% in the past 24 hours.
At the time of writing, XDC is trading at $0.06106 with a daily trading volume of $10.8 million, representing a significant 16% increase in one day. The coin has emerged as one of the best bulls in the market and has attracted the attention of both investors and traders. Earlier this month, on August 3, the leading cryptocurrency XDC experienced a major surge, reaching a one-year all-time high of $0.08. This increase was a whopping 300% increase from the annual low of $0.03.
After this rally, XDC price showed a period of consolidation, trading between $0.07 and $0.06. However, the decline occurred on August 17, when the price dropped to $0.05. This fits a similar market scenario in the global cryptocurrency environment. What’s next for XDC? XDC showed resilience in trying to regain lost ground and was able to recover from the fall. A closer analysis of the daily price chart shows that XDC has broken above the short-term 50-day simple moving average (50 SMA). This suggests that prevailing market sentiment remains bullish, which could lead to an uptrend.
XDC Network (XDC) price chart (Source: TradingView)
Additionally, XDC has a daily Relative Strength Index (RSI) of 55, indicating overbought conditions that could lead to an imminent corrective reversal. If the current trend continues, XDC price may be able to target the resistance levels of $0.07690 and $0.12866. Conversely, if the trend reverses, the cryptocurrency can find support at $0.05673 and $0.04682.
Additionally, the XDC Network’s 50-day moving average (50 MA) crossed above the 200-day moving average (200 MA). A break of 50 MA above 200 MA is a technical analysis indicator often called a “golden cross”. Shows the potential price increase of this asset.