XDC Network Price Prediction as Penny Crypto Pumps 12%. IS XDC Looking to Retest 2023 High?

Updated: 20 July 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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XDC, the native cryptocurrency of the XDC Network, has surged 12% in the past 24 hours, raising speculation about a potential retest of its 2023 highs at $0.398.

The community eagerly anticipates whether this positive momentum will be sustained in the long run.

XDC Network Climbs Steadily By 12%

XDC Network’s recent climb has been steady, making roughly a 40-degree angle in the price chart.

A closer inspection shows that the token price has increased by more than 33% in the last 10 days. According to CoinMarketcap, XDC has a 24-hour trading volume of $12 million and a market capitalization of $551 million.

XDC Network, founded in 2017, has experienced price fluctuations throughout its history. After reaching its all-time high of $0.17 during the 2021 bull cycle, it went through a period of decline until hitting new lows in July 2022.

In 2023, it saw a pump and reached a high of $0.045 before experiencing volatility with intermittent upward and downward movements. Currently, XDC is testing the $0.04 level and a 10% increase would allow it to retest its 2023 highs.

Why is XDC Going Up?

XDC network’s surprising linear growth, despite being relatively unknown, coincided with a temporary drop in Bitcoin below $30. The launch of Chain IDE played a significant role in driving this growth.

The ChainIDE for #XDCNetwork is finally LIVE! 🔥

Together, let's strengthen the XDC Ecosystem and accelerate innovation. Let's #BuildonXDC ! 💪 #Blockchain #XDC https://t.co/XVy7fpGQlt

— XinFin (@XinFin_Official) July 19, 2023

ChainIDE is a cloud-based IDE (Integrated Development Environment) created to help developers create decentralized applications on BNB Chain, Polygon, Ethereum, and other blockchains. Its partnership with this utility crypto indicates major updates for the network may be on the way.

XDC Price Analysis

The multiple consecutive green candles over the past four days indicate XDC forming a bullish engulfing pattern. And since there has not been a sign of consolidation, we believe that the bull support is strong with this token.

With an RSI of 75, the token is currently overbought, suggesting a strong positive sentiment. Similarly, the above zero MACD histogram confirms the positive sentiment.

However, considering the token’s recent correction, a potential reversal may occur, albeit not immediately.

XDC Network Alternative – BTC20

XDC’s recent linear climb has inspired the community, but the bullish green candles result in an overbought zone that almost always ends up with a retrace. That means those who buy it now might be left holding the bag.

A better alternative to this token is BTC20. Available as a presale, BTC20 bills itself as a Bitcoin on the Ethereum blockchain. The token is treading along the same path that Bitcoin took in its early days.

🔹 $BTC20: User-friendly and powerful 💫

$BTC20 is built on #Ethereum, the most-used #Blockchain after #Bitcoin. With its smart contract functionality and versatility, using $BTC20 becomes a seamless journey 💪

Get your hands on the 'new Bitcoin' now – https://t.co/N56IcYsKHq pic.twitter.com/4bgNJLIw1G

— BTC20 (@BTC20Token) July 20, 2023

The aim is to sell 3 million BTC20 tokens at $1 per token in the first phase and $3.05 million in the second phase at the same price. The remaining tokens will remain locked inside a staking contract where they will be minted by stakers as rewards over the course of the next 120 years.

With its environmentally conscious mechanic, BTC20 holds value as an investment asset. With its tokenomics, many experts believe that it has the potential to go 10x.