The price of the XDC network token, XDC, is up 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 low this month to its high.
At the time of writing, XDC was priced at 0.049, up a solid 16.6% over the past 24 hours. But it was the token’s seven-day performance that was most impressive increased by 50%, dominates the list of the weekend’s top 100 coins on crypto market tracker Coingecko.
XDC Network has experienced a 97.17% improvement so far this year. The price of the token is rising with a chance of trend reversal, recovering from the trendline to reach new highs as it rallies against resistance at $0.04 and support at $0.03. Strong support is expected to raise prices and create new regions of demand.
XDC shows strong price action in the weekly timeframe. Source: Coingecko
The coin has crossed the 50-day and 25-day moving averages on the daily chart, which is positive. The market cap of XDC Network’s token is now $683,630,126 after recent price moves. Most importantly, since this price was at its highest on June 1, XDC is holding onto a key resistance level. The Relative Strength Index (RSI) has risen to an overbought status.
Enterprises can use the XDC Network (XDC) as it is a blockchain that has both public and private components. It is the fuel token of the XinFin network, enabling a wide range of blockchain applications. Enterprises looking to create or expand their infrastructure in a blockchain ecosystem will find the network’s interoperable smart contracts and frictionless payments attractive.
Cryptocurrencies total market cap at $1.16 trillion on the weekend chart: TradingView.com
Founded in 2017, the XDC Network has seen price fluctuations over the course of its existence. It experienced a period of decline after hitting an all-time high of $0.17 during the 2021 bull cycle before reaching new lows in July 2022.
It rebounded in 2023, peaking as high as $0.050 before becoming volatile with sporadic upside and negative swings. XDC is currently challenging the $0.049 level, and a 10% increase would allow it to retest its 2023 highs.
The ChainIDE for #XDCNetwork is finally LIVE! 🔥
Let’s strengthen the XDC ecosystem together and accelerate innovation. Let’s #BuildonXDC ! 💪 #Blockchain #XDC https://t.co/XVy7fpGQlt
— XinFin (@XinFin_Official) July 19, 2023
Meanwhile, despite its relative obscurity, the unexpected linear rise of the XDC network occurred at the same time Bitcoin briefly fell below $30. The introduction of Chain IDE was a major factor in this increase.
This year, XDC could reach a price of $0.05850 if it continues its upward trend. However, if the market’s opinion changes, the price could fall below USD 0.02993.
With continuous improvements, XDC is poised to smash its existing $0.049 price. As developers work tirelessly to improve the performance, security, and functionality of the network, XDC could capture the attention of investors and blockchain enthusiasts alike.
(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Ledgernomic
