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- 1 XDC Network breaks above the key moving averages but is below the upper resistance level.
- 2 The crypto rose by almost 7.39% in previous seven days showing that buyers were active in the last few trading sessions.
The XDC Network, a hybrid blockchain entity, is tailored for the global trade and finance sector. Utilizing the XDC protocol, it facilitates smart contracts and boasts a robust transaction capacity of 2000 transactions per second, alongside swift processing times of merely two seconds. Additionally, it enforces Know Your Customer (KYC) regulations on its Masternodes, also known as Validator Nodes.
XinFin’s objective is to forge a blockchain network that is not only scalable and secure but also restricted access and economically sound. The native cryptocurrency of this network, XDC, acts as the driving force behind the XinFin ecosystem’s operations.
Technical Analysis of XDC Network
XDC by writer12_gsm on TradingView.com
The XDC price forecast suggests that XDC crypto has the potential to smash the upper levels and break the upper trendline of the channel. Currently, XDC cryptocurrency is waiting for a solid upward momentum to move towards the bullish phase on the daily chart.
To initiate this recovery and break out of the current consolidation phase on the daily chart, XDC crypto needs to attract more buyers.
XDC Crypto Price vs Volume Analysis
The volume and price graph displayed that the trading volume has increased from $8.05 Million to $24.96 Million in the last few days and the price has also increased. In the last few days, the price has increased from $0.043 to $0.046. The price is expected to bounce back in the short term.
XDC Crypto Social Dominance vs Social Volume
Based on the social dominance and social volume graph, the social dominance and social volume have been increasing for the last few months which has left a positive impact on the price. Furthermore, the momentum of the XDC price may depend upon the change in social dominance and volume dominance.
Summary
XDC Network’s cryptocurrency, noting a recent upward trend with a 7.39% increase in previous week, shows active buyer participation. XDC Network is described as a hybrid blockchain platform designed for trade and finance, supporting smart contracts and high transaction throughput with KYC-enforced Masternodes. Technical analysis indicates that XDC crypto is poised for a bullish breakout if it can attract more buyers to overcome the current resistance level. The trading volume has seen a significant increase, which correlates with the price rise, hinting at a potential short-term recovery.
Technical Levels
Support Level: $0.039
Resistance Level: $0.056
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
