XDC Network, a hybrid blockchain platform that offers fast, secure, and interoperable financial services, has announced a strategic partnership with Ankr, a Web3 infrastructure platform that provides cloud computing and node hosting solutions.
The partnership will enable the integration of Ankr’s RPC service with the XDC Network, allowing developers to easily access and build decentralized applications on the XDC Network.
The partnership will also facilitate cross-chain interoperability and scalability for the XDC Network, as it will be able to connect with other blockchain networks using Ankr’s technology.
The partnership could have a significant impact on XDC coin price, depending on its success. If the partnership attracts more developers and users to the XDC Network and its applications, it could increase the demand and adoption of XDC coins, which could trigger a price rally.
On the other hand, if the partnership fails to deliver on its promises or faces technical issues, it could damage the reputation and credibility of XDC Network and its partners. This could result in a loss of confidence and support for the XDC coin, which could cause the price to consolidate or drop to a new low.
Therefore, the partnership is a crucial event for XDC Network and its community, as it could determine the future of XDC coin’s price. The partnership was announced on October 12, 2023.
XDC crypto surged by 5.44% in market value and plummeted by 65.67% in trading volume in the last 24 hours, as per Coinmarketcap which is a crypto data and info website. Its market value is $682,416,464 and its trading volume is $2,476,919. There are 13,869,987,137 XDC in circulation.
Moreover, The maximum market cap of XDC Network (XDC) is $1,863,622,951, assuming all 38 Billion XDC tokens are already in circulation. According to Coingecko, a website that provides crypto analysis data, this is a theoretical value that shows the full potential of XDC Network. However, the actual number of XDC tokens in circulation may be lower, depending on how they are distributed over time. Therefore, it may take several years before the maximum market cap is reached.
XDC Coin Price Technical Analysis in the 1-Day Timeframe
XDC coin has been performing poorly this month, as it experienced a 4.63% drop in its price. However, it has shown some recovery in the past six months, as it increased by 9.37%. The year-to-date performance of the XDC coin is also impressive, as it shows a positive return of 94.86%. These figures indicate that XDC coin is facing some short-term challenges but has long-term potential in the competitive cryptocurrency market.
Therefore, the XDC price might keep going down and find new support levels at $0.0461 and $0.0406, if it cannot hold the current level.
On the other hand, if the XDC price stays at the current level and breaks above the previous high, then it may reach and surpass the previous resistance levels of $0.0535 and $0.0581.
At the time of publishing, XDC Network (XDC) is trading below the 20 and 50-day EMAs (exponential moving averages).
The MACD line at 0.00115 and the signal line at 0.00126 is below the zero line both lines crossed each other showing a bull crossover is observed in the MACD oscillator, where the histogram width is lean showing consolidation.
The current value of the RSI is 46.81 points and the 14-day SMA is at above the median line at 43.21 points, showing the curve is taking support from 14 SMA, but below the neutral line indicating slight neutral symptoms.
Conclusion
XDC price highlights the neutral sentiments and perspectives of investors and traders regarding XDC in the daily time frame. The technical parameters of the XDC price suggest the continuation of the consolidation over the daily time frame chart. Moreover, XDC price action highlights a sideways view at the time of publishing.
Technical Levels:
- Support levels: $0.0461 and $0.0406
- Resistance levels: $0.0535 and $0.0581
