The XDC Network token has rocketed by 21% in the past 24 hours. This double-digit gain has propelled XDC to its highest price point since 2021 and has made it the market’s top gainer among major cryptocurrencies during that period.
With surging bullish pressure, the XDC token price could extend its rally in the short term. This analysis has the details.
XDC Witnesses a Surge in Demand
A corresponding surge in daily trading volume accompanies XDC’s price hike. In the past 24 hours, this has risen by 40%, totaling $84 million at press time.
When a rise in trading volume accompanies an asset’s price rally, it signifies strong market interest and increased participation. It shows that the price growth is backed by actual demand for the asset. This combination validates the XDC price rally’s strength and suggests the potential for sustained momentum.
Notably, the altcoin’s Aroon indicator supports this bullish outlook. As of this writing, XDC’s Aroon Up Line is 100%, while its Down Line is 0%.
The Aroon indicator measures the strength and direction of a trend by analyzing the time since an asset’s recent highs (Aroon Up) and lows (Aroon Down).
When an asset’s Aroon Up line is at 100% while its Aroon Down line is at 0%, it indicates that the asset’s most recent high occurred very recently, while its most recent low is distant in time. This is true of XDC, which currently trades at a four-year high of $0.121.
This suggests a strong uptrend, as the token consistently makes new highs. It signals bullish momentum, which is a favorable condition for further upward price movement.
XDC Bulls Aim for $0.194, While Bears Watch $0.10 Support
Readings from XDC’s Fibonacci Retracement tool show that if the current bullish momentum persists, it could drive the altcoin’s price above resistance levels at $0.127 and $0.157, potentially nearing its all-time high of $0.194.
However, if it experiences a correction and demand weakens, the XDC token price could retreat to $0.10.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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