The price of the XDC Network token, XDC, has increased for a total of five consecutive days and is currently trading at its highest level since April 2022. The token climbed more than 40% from its lowest point this month to its highest level.
At the time of writing, XDC was priced at 0.049, up a solid 16.6% in the last 24 hours. But it was the token’s seven-day performance that was most impressive when it soared 50%, dominating the list of the weekend’s top 100 coin listing at crypto market tracker Coingecko.
XDC Network has experienced an improvement of 97.17% so far this year. The price of the token is rising with a chance of trend reversal, recovering from the trendline to hit new peaks while bumping up against resistance at $0.04 and support at $0.03. It is anticipated that strong support will raise prices and establish new demand regions.
XDC shows strong price action in the weekly timeframe. Source: Coingecko
The coin has gone over the 50-day and 25-day moving averages on the daily chart, which is positive. The market capitalization of XDC Network’s token is now $683,630,126 following recent price movement. Most importantly, since this price was the highest on June 1st, XDC is clinging to a key resistance level. The Relative Strength Index (RSI) has risen to an overbought state.
Enterprises can use the XDC Network (XDC), as it is a blockchain that has both public and private components. It’s the XinFin Network’s fuel token, allowing for a wide range of blockchain applications. Enterprises wishing to create or extend their infrastructure in a blockchain ecosystem will find the network’s interoperable smart contracts and frictionless payments appealing.
Cryptocurrencies total market cap at $1.16 trillion on the weekend chart: TradingView.com
The 2017-founded XDC Network has seen price swings during the course of its existence. It experienced a period of fall after achieving its all-time high of $0.17 during the 2021 bull cycle, before reaching new lows in July 2022.
It experienced an upsurge in 2023 and spiked to a high of $0.050 before becoming volatile with sporadic upward and negative swings. XDC is currently challenging the $0.049 level, and an increase of 10% would enable it to test its 2023 highs once more.
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
Meanwhile, XDC network’s unexpected linear rise, despite its relative obscurity, happened at the same time as Bitcoin briefly fell below $30. The introduction of Chain IDE was a major factor in this rise.
This year, XDC could reach a price of $0.05850 if it maintains its upward trend. However, if the market’s opinion changes, the price might fall below $0.02993.
With continued improvements, XDC is poised to shatter its existing price of $0.049. As developers tirelessly work to enhance the network’s performance, security, and functionality, XDC could attract attention from investors and blockchain enthusiasts alike.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Ledgernomic
