XDC Brushes Off Market Downtrends, Records Over 16% Surge

The crypto market has been downward over the past 24 hours, with top coins like Bitcoin dancing in tune with the bearish trend. But while top coins lost the past week’s gains, XDC Network holds over 16% of its gains.

XDC now trades at $0.068, a price 16.75% higher than its value seven days ago. However, despite the token’s resilience, the bulls are about to capitulate, with nearly 4% lost in the last 24 hours.

XDC Network Price Performance In The Last Week

XDC’s market situation today is similar to a water lily, with roots buried in the water while shooting out flourishing leaves above, looking for more opportunities to rally. XDC’s partial bullish momentum sustains the token’s weekly gains, while others have completely succumbed to bearish pressure.

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XDC’s current price is still over 126% higher than its value 30 days ago, suggesting the bulls are still determined to withstand the fluctuations. The slight 0.55% decline in its 24-hour trading volume confirmed this assumption.

XDC Social Sentiment Bullish As Community Awaits Upcoming Ecosystem Events

Anticipation for the ETHToronto Hackathon slated to hold from August 15-16, 2023, remains high, with the XDC community at the center. According to an August 4 announcement by the XinFin Network, the XDC Network is the official Tera Byte sponsor of this event. 

This event provides an incredible opportunity for blockchain and crypto enthusiasts to connect, collaborate, and explore the future of blockchain technology. The anticipation has increased XDC’s social sentiment as several people are already trying to purchase the token. Moreover, the event could also increase XDC’s exposure, potentially increasing its usability, user base, and trading volume. 

In another announcement, the XinFin Network announced that the XDC Foundation will be the platinum sponsor of the Trade Finance Investor Day 2023. The event, organized by the Trade Finance Distribution Initiative (TFDi), will hold on October 19-20 at the five-star Grove Golf and Country Club, Hertfordshire, UK. The initiative aims to help many investors access trade assets at the lowest possible cost.

At the event, XinFin USA, the company behind the XDC Network, will showcase the benefits of the XDC Network to banks, secondary market investors, and industry experts.

These collaborative efforts are boosting the network’s market presence, reflected in the token’s price performance over the past week.

XDC Market Outlook; What’s Next?

Meanwhile, the bears are active in XDC’s market today, actively trying to push the token off the $0.07 price level. The daily chart shows the Moving Average Convergence/Divergence is below the signal line, with red candlesticks. Also, the RSI is at 45, approaching the oversold area.

XDC now approaches the $0.6 support zone, a point that might empower the bears for more downtrends. XDC could dip lower in the next few hours if the bulls fail to regain momentum. 

The token reached a day peak of $0.08028 on August 6 before gradually receding to the bears. As of the time of writing, the token has slipped off its peak and now trades at a low of $0.06872.

Featured image from Pixabay and chart from TradingView.com