XinFin Network Price Up 28%

Investors who appreciate undervalued coins will be looking into whether to buy XDC, with the coin’s price up significantly in the past 24 hours. However, crypto investments are never clear-cut. The fact that a coin is seeing big gains doesn’t necessarily mean you should buy it- especially if you’re a long-term investor.

Below, we’ll look into the entire XinFin network ecosystem and what it offers. From there, you will be able to decide whether to buy XDC and add it to your crypto portfolio.

XinFin Network: A Scalability Solution for the Ethereum Blockchain

One of the biggest and most complex problems facing cryptocurrencies is scalability. Blockchains offer high-value transactions in a matter of minutes, but there is always an opportunity to be faster. Many projects have looked to throw their hat into the ring, and XinFin Network is one such name.

XinFin Network is a public blockchain that is compatible with the Ethereum Virtual Machine (EVM) and which operates with masternodes. Essentially, running a masternode means offering your computing power to a blockchain network to sign and validate blocks.

In the XinFin Network’s case, people who run masternodes will be able to get XDC as rewards. By using masternodes and a proof of stake(PoS) consensus, XDC is a mintable cryptocurrency – not a minable one.

The XinFin Network looks to solve some of Ethereum’s scalability issues, ensuring that the network can reduce transaction fees and optimize transaction confirmation times as much as possible.

Launched in 2017, XinFin is arguably the fastest Ethereum-compatible blockchain platform. The blockchain offers well over 2,000 transactions in a second, and it is expected to see that number rise to as much as 30,000 per second when it implements sharding.

XDC Price Movements in 2021

The crypto market has so far seen a great deal of growth in 2021. Investors have also been looking to buy XDC, with the coin showing significant promise and a low price. Anyone looking to enjoy high rewards and low risk will be interested in this.

XDX started 2021 trading at $0.0049 and soon rose through the ranks. By April 15, it hit a yearly high of $0.13. But, with the downturn starting, the coin’s price soon dropped as low as $0.047 – a 63 percent drop from its yearly high.

Following successive drops, investors soon began to buy XDC once more. The coin’s price crept back above the $0.1 line on July 4, and it hasn’t dropped below the $0.07 line since then.

XDC: Technical and Fundamental Analysis

Currently, XDC is trading at $0.124. The coin is currently trying to establish a new all-time high, which will make it perhaps the first cryptocurrency to do so following May’s downturn. Its current price marks a 28 percent jump in the past day and an impressive 69 percent in the past week.

XDC is holding strong technically, with a relative strength index (RSI) of 71.04. Considering that this metric stood at 57.57 just two days ago, it appears that many investors have trooped in to buy XDC. An influx might be coming soon as well, suggesting that this might be a good time to get in.

XDC is also trading above its 20-day moving average (MA) of $0.085. If this trend continues, the coin should very well be able to climb above its yearly high before the week runs out.

Increased availability is also expected to help XDC. The coin isn’t available on all exchanges, but it’s available to traders on some notable exchanges across the world.

Last month, XDC also went live on the Guarda Wallet. According to the announcement, Guarda users will now be able to buy the coin via wire transfer, credit/debit cards, and Apple Pay. As the coin becomes more available, more investors will be able to purchase it and its price will jump even higher.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.