- XDC Network is showcasing extreme bullishness on the daily technical chart.
- XDC price surged by almost 12% in the last 24 hours, suggesting buyers presence.
The XDC Network has proven to be one of the most resilient projects following a recent minor correction, with a spectacular recovery that has not gone unnoticed among traders and analysts. The price action of the altcoin depicts a classic case of technical support holding strong, where XDC rebounded strongly off its support level of $0.0709 to rally past the psychologically important level of $0.1000.
According to CMC data, XDC Network is currently trading at $0.1004, showcasing remarkable performance on the daily technical chart with a 12% price surge anda 45% daily trading volume surge. Looking at the price action and the volume, the rally is appearing genuine, not a speculative action.
The technical indicators are also depicting a consistent bullishness on various time frames. The MACD histogram is now positive, and this means that the bullish momentum is gaining strength with the shorter-term moving average crossing above the longer-term average. This crossover is normally an indication that the market is starting to trend up and that the market sentiment is being taken over by the buyers.
What Next For XDC Price?
Source: Tradingview
The bullish thesis is also supported by the RSI indicator, which is in a positive momentum but not overbought, which gives it space to move up further. In the meantime, the Supertrend indicator has turned green, which is another indication of the reversal in the direction of the trend and another reason why traders should be confident about taking advantage of the momentum.
From the moving average point of view, the correlation between the 50-day EMA and 200-day EMA will be important to observe. A continued break above the two moving averages would point to a more conclusive change in trend and could draw further institutional attention.
The TradingView technical summary is a strong indicator of the current market sentiment, and 15 of the 26 indicators are indicating a buy condition, whereas there is 1 indicator that is indicating a selling pressure. The rest of the 10 indicators are neutral, which forms a bullish overall picture in line with the price movement in the charts.
The combination of these positive technical indicators, coupled with the higher trading volume and good price action, puts XDC Network in a good position to experience further upward movement in the near term, as long as broader market conditions do not turn against it.
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