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XDC Brushes Off Market Downtrends, Records Over 16% Surge As Top Coins Bleed

The crypto market has been downward over the past 24 hours, with top coins like Bitcoin dancing in tune with the bearish trend. But while top coins lost the past week’s gains, XDC Network holds over 16% of its gains.

XDC now trades at $0.068, a price 16.75% higher than its value seven days ago. However, despite the token’s resilience, the bulls are about to capitulate, with nearly 4% lost in the last 24 hours.

XDC Network Price Performance In The Last Week

XDC’s market situation today is similar to a water lily, with roots buried in the water while shooting out flourishing leaves above, looking for more opportunities to rally. XDC’s partial bullish momentum sustains the token’s weekly gains, while others have completely succumbed to bearish pressure.

Related Reading: When Will Polygon (MATIC) Rebound? Analyzing This Month’s Recovery Potential

XDC’s current price is still over 126% higher than its value 30 days ago, suggesting the bulls are still determined to withstand the fluctuations. The slight 0.55% decline in its 24-hour trading volume confirmed this assumption.

XDCUSD price chart

XDC Social Sentiment Bullish As Community Awaits Upcoming Ecosystem Events

Anticipation for the ETHToronto Hackathon slated to hold from August 15-16, 2023, remains high, with the XDC community at the center. According to an August 4 announcement by the XinFin Network, the XDC Network is the official Tera Byte sponsor of this event. 

This event provides an incredible opportunity for blockchain and crypto enthusiasts to connect, collaborate, and explore the future of blockchain technology. The anticipation has increased XDC’s social sentiment as several people are already trying to purchase the token. Moreover, the event could also increase XDC’s exposure, potentially increasing its usability, user base, and trading volume. 

In another announcement, the XinFin Network announced that the XDC Foundation will be the platinum sponsor of the Trade Finance Investor Day 2023. The event, organized by the Trade Finance Distribution Initiative (TFDi), will hold on October 19-20 at the five-star Grove Golf and Country Club, Hertfordshire, UK. The initiative aims to help many investors access trade assets at the lowest possible cost.

At the event, XinFin USA, the company behind the XDC Network, will showcase the benefits of the XDC Network to banks, secondary market investors, and industry experts.

These collaborative efforts are boosting the network’s market presence, reflected in the token’s price performance over the past week.

XDC Market Outlook; What’s Next?

Meanwhile, the bears are active in XDC’s market today, actively trying to push the token off the $0.07 price level. The daily chart shows the Moving Average Convergence/Divergence is below the signal line, with red candlesticks. Also, the RSI is at 45, approaching the oversold area.

XDC now approaches the $0.6 support zone, a point that might empower the bears for more downtrends. XDC could dip lower in the next few hours if the bulls fail to regain momentum. 

The token reached a day peak of $0.08028 on August 6 before gradually receding to the bears. As of the time of writing, the token has slipped off its peak and now trades at a low of $0.06872.

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XDC Token Continues To Record Higher Gains Daily, Can It Achieve $0.1 Mark?

XDC Network is now on its way to the $0.1 target price after encouraging price movements over the past weeks. The token is now among the most searched cryptos ranking fourth on CoinMarketCap’s list of trending cryptocurrencies.

However, the question remains: How long can XDC sustain these rallies? Are the bulls energetic enough to exceed the anticipated $0.1 price mark? Let’s see

XDC Soars Amid Market Downturn, What’s Fueling Its Price Movements?

XDC Network is soaring today, August 4, as the broader market slightly improved. With a bullish momentum, the token rose by 16.7% on Friday morning. Also, it emerged as the biggest gainer with over 45% seven-day gain and 162% 30-day value growth.

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As of July 6, XDC traded at $0.03238 but later climbed to a monthly peak of $0.09092 on August 3, over 180% in the last 30 days. XDC reached a week high of $0.09134 on August 4, a nearly 50% increase from $0.05896 recorded on July 29. 

These impressive moves have positioned the token as the best-performing cryptocurrency in the 30-day and seven-day timeframe. Although the momentum is still bullish, it has stalled slightly since the asset has shed a few gains and shifted from the day peak of $0.09146 to $0.081.

These gains could result from other ecosystem developments, including the partnership between XDC Network and Infocomm Media Development Authority (IMDA) Singapore. 

According to July 28 Bloomberg report, the crypto project integrated with IMDA’s TradeTrust – a Singaporean framework enables trusted interoperability of electronic trade documents across digital platforms. 

This collaborative effort will allow IMDA’s TradeTrust to verify and transfer documents. Such capability can enhance trade visibility, proof of authenticity, and origins of documents. The collaboration is expected to enable a seamless and efficient flow of goods between digital trading partners.

According to the report, the partnership marks a milestone for the XDC Network, as it could expand its reach and user base. Such growth will likely lead to a significant spike in active transactions and trading activities and it could be among the primary factors fueling XDC’s rallies in the past few days.

XDCUSD price chart

XDC Market Outlook, More Rallies Possible?

The XDC/USD chart shows the token trades below the Moving Average Convergence/Divergence signal line. This indicates a bearish momentum as XDC sheds previous gains. 

Also, the RSI at 46.75 suggests the asset is approaching the oversold region. Moreover, the bears have formed stiff resistance at the $0.0851 level. They’re ready to push XDC down to lower lows if the bulls fail to regain momentum.

However, if the bulls rally enough to push the price above $0.851, the next target zone will be the $0.09166 level, from where XDC will likely shoot to $0.1 if momentum is sustained.