Over the last 24 hours, the value of XDC Network’s token has soared by a substantial 21%. This impressive growth has pushed XDC to its peak price since the year 2021, making it the leading percentage gainer among prominent cryptocurrencies within this timeframe.
As a researcher, I am noticing an increasing upward momentum in the XDC token market. In the immediate future, it appears that this trend might continue, potentially leading to further gains for the XDC token. Here are the specifics of my analysis.
XDC Witnesses a Surge in Demand
As an analyst, I’ve noticed a significant increase in daily trading activity accompanying the rise in XDC’s price. Over the past 24 hours, this surge has escalated by a substantial 40%. At the moment of press, this equates to a total trading volume of $84 million.
When an increase in trading activity coincides with an asset’s price surge, it demonstrates robust market attention and heightened involvement. Essentially, this implies that the price rise is driven by genuine demand for the asset. Consequently, the authenticity of the XDC price rally is validated, suggesting the possibility of continued growth and momentum.
Remarkably, the bullish perspective on the altcoin is backed by its Aroon indicator. At present, the Aroon Up Line for XDC stands at 100%, whereas the Aroon Down Line is at 0%.
The Aroon indicator determines the robustness and the path of a market movement by examining the elapsed time from an asset’s latest high points (Aroon Up) and lowest points (Aroon Down).
As a researcher studying market trends, I’ve observed an interesting pattern when analyzing the Aroon indicators: When the Aroon Up line hits 100% and the Aroon Down line is at 0%, it suggests that the asset’s latest high has occurred quite recently compared to its most recent low, which is situated further in the past. I’ve noticed this pattern with XDC, a cryptocurrency currently trading at a four-year peak of $0.121.
This pattern indicates a robust upward trend because the token keeps reaching new peak prices. It also points towards growing bullish energy, which is advantageous for continued price increase in the future.
XDC Bulls Aim for $0.194, While Bears Watch $0.10 Support
According to XDC’s Fibonacci Retracement analysis, if the ongoing bullish trend continues unabated, it might propel the altcoin’s price beyond the resistance points at $0.127 and $0.157. This could bring the coin close to its record high of $0.194.
In case there’s a correction and the demand decreases, the XDC token might fall back to $0.10.
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2025-01-15 14:47