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- XDC has increased by over 93.35% in a month despite a prevailing negative sentiment in the crypto market.
- The trading volume remains subdued, showing a decline of 26.20%.
XDC Network, a notable cryptocurrency positioned within the top 50 by market capitalization, recorded a significant increase of 4.26% over the last 24 hours. Nonetheless, it faced a difficult week, with prices falling by more than 6.06%. Looking at the month as a whole, it demonstrated a remarkable rise of 93.35%. This upward movement began on July 20, when the coin was priced at $0.03, according to CoinmarketCap.
In spite of these favorable trends, the current market sentiment has turned towards bearish influences, resulting in a considerable drop of 26.20% in trading volume. This has led to increased caution among investors and affected the ongoing scrutiny. However, while many altcoins have decreased by over 90% from their All-Time High, XDC has only declined by 69% from its ATH.
Amid an overall decline of 1.37% in crypto market capitalization, XDC’s market cap has only fallen by 3.74%, currently standing at $856,158,27. This resilience can be attributed to various factors, including XDC Network’s use for streetwear guarantees on eBay, its integration with Chainlink’s Oracle network, and a fruitful collaboration with R3 Corda to improve interoperability.
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Additionally, the anticipation aligns with the token’s rising value and the project’s sponsorship of WebX 2023 by SBI VC Trade, a Japanese cryptocurrency trading company. Furthermore, with the possibility of further updates on the horizon, there is an expectation that the current bearish trend may weaken.
Where is the Price of XDC Headed?
An in-depth examination of XDC’s daily price chart reveals a dominant bearish sentiment. The price has been consolidating, favoring bearish positions. However, the daily Relative Strength Index (RSI) remains around the neutral zone at a value of 51.
XDC Price Chart, Source: TradingView
Considering potential future scenarios, if the current trend continues, the price of XDC could rise to resistance levels of $0.07690 and $0.12866. On the other hand, if the trend reverses, the price may fall to support levels of $0.06538 and $0.05673.
Will XDC experience another bullish rally? Share your thoughts by tweeting us @The_NewsCrypto
