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The XDC Network price has been bullish over the last month, rising a whopping 209% from $0.03 to $0.09324. Analysts attribute this rapid growth to various factors, including the XDC Network’s recent high-profile partnerships and strategic launches.
Notable among them are the Authenticity Guarantee for streetwear on eBay utilizing the XDC Network, the integration with Chainlink’s Oracle network, and a successful collaboration Infocomm Media Development Authority (IMDA) Singapore aimed at fostering interoperability.
Infocomm Media Development Authority Singapore has integrated the #XDCNetwork!
This integration provides another
blockchain-enabled platform that will enable government bodies and businesses to digitalise cross-border trade.Read more: https://t.co/OPWGf0BUZL@IMDAsg… https://t.co/3GV1ArRGrW
— XDC Foundation (@XDCFoundation) July 31, 2023
Additionally, excitement among XDC Network users is palpable as they look forward to an upcoming event that promises to feature cutting-edge products and host influential business figures.
As part of a series of templates designed to help #developers with their projects on the #XDCNetwork, @CoinClubQuincy recently published a piece documenting how devs can automate agreements.
Read the full piece here ⬇️https://t.co/5gh08ye5tv#BuildItOnXDC
— XDC Foundation (@XDCFoundation) July 24, 2023
This anticipation aligns with the token’s increasing value and the XDC blockchain project’s sponsorship of WebX 2023 by SBI VC Trade, a Japanese cryptocurrency trading firm.
Can XDC Network Bulls Sustain Bullish Momentum?
Even after a notable 31% price surge over the last week, the XDC coin has continued its bullish momentum, registering five consecutive days of positive price movement between July 30 and August 3.
However, caution is advised for investors, as the coin is currently overbought, indicated by the Relative Strength Index (RSI) rising from 76.40 to 82.46 in just one day. It’s important to note that cryptocurrencies can remain overbought for extended periods during strong uptrends, potentially leading to a rapid downturn.
Therefore, if the ongoing continues and the XDC Network token produces a daily candlestick close below the immediate support at $0.079, embraced by the 78.6% Fibonacci retracement level, the price may drop toward the $0.070 psychological level embraced by the 61.8% extension level.
Lower than that, defense lines could emerge from the 50% Fibonacci level at $0.0615, the $0.055 foothold, and 23.6% retracement level at $0.044. In the worst-case scenario, the XDC price may drop below the significant SMAs toward the $0.030 support floor.
XDC/USD Daily Chart
On the upside, the Moving Average Convergence Divergence (MACD) indicator was facing upward. This was an indication that the market sentiment still favored the upside. As such, the XDC Network price could turn up from the current level to return to the swing high at $00932,
Higher than that, the next logical move would be the $0.1 psychological level or the $1.08 supplier level embraced by the 123.6% Fibonacci retracement level.
However, XDC price remains exposed to a unique risk structure due to the ongoing correction triggered by profit-booking by the sellers. If things turn sour, here XDC network could plummet to new lows.
With that in mind, here is a new cryptocurrency with lucrative Risk: Reward structuring that could offer safer positions to take.
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