Recent days have seen weakness in the XDC Network price, with it dropping below the significant 50-day EMA, signifying the short-term dominance of sellers in the market. Attempts by bulls to maintain the price above the 50-day EMA have proven unsuccessful.
In the third week of July and continuing into the first week of August 2023, XDC’s price experienced a sharp upward rally, surging by over 100% from a low of $0.04 to a high of $0.09.
However, this short-term gain prompted profit-taking among investors and attracted more sellers to enter the market at a premium price. Since then, the price has been in continuous decline, forming a bearish price action.
At present, the price has formed a channel pattern and is correcting, eroding the gains from the short term. The price attempted but failed to hold above the 50-day EMA and is presently declining toward the 200-day EMA.
XDC Network (XDC) is a hybrid blockchain platform offering transparent, fast, and secure financial services. It leverages both public and private networks to combine the strengths of each. XDC Network was previously known as XinFin Network.
XDC Network Price Prediction Using Price Action Strategy
Currently, with XDC’s price slipping below the 50-day EMA, seller dominance in the short term is evident. The price could potentially decline further if it remains within the channel, possibly heading towards the 200-day EMA and the recent support zone.
Additionally, if the price manages to break and sustain above the channel, some bullish momentum might emerge. Volume analysis reveals that the current volume is lower than the average, indicating market weakness. Over the past 24 hours, XDC has seen a trading volume of $8.7 million, nearly 0.20% less than the previous day.
XDC Price Forecast from Indicator Perspectives
According to the EMA analysis, XDC’s price failed to maintain itself above the 50-day EMA, indicating short-term seller dominance. However, the price still holds above the 200-day EMA, which could potentially provide support during the price decline.
The Relative Strength Index (RSI) is declining and facing rejection from the Simple Moving Average (SMA) line, suggesting a potential continuation of the correction. The RSI remains below the mean line, indicating a bearish trend.
Conclusion
XDC Network (XDC Crypto) has witnessed significant price fluctuations over the past month, with a sharp rise followed by a decline due to profit-taking and selling pressure. The price is currently within a channel pattern and below the 50-day EMA, indicating seller dominance. Unless it breaks above the channel, the price may continue to decline towards the 200-day EMA and the support zone. The low volume also suggests market weakness.
Technical Levels
- Support levels: $0.04 and $0.032.
Resistance levels: $0.069 and $0.091.
Disclaimer
The views and opinions expressed by the author and any individuals mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies or stocks carries a risk of financial loss.