XDC Network price prediction suggests a rise in the long term till price sustained above $0.03000 level. XDC price performed well in the past few months and breakout of the swing high hurdle at $0.03683. It is rising upward by forming higher high swings which shows that bulls are continuing the dominance.
XDC price sustaining above the 200-day EMA indicates the positional trend is still in the upward direction. However, prices seem to rectracing downward and witnessed short-term profit booking.
XDC Network price is trading at $0.03774 with an intraday decline of -0.29%. The 24-hour volume to market cap ratio is 0.0063. At the beginning of March, XDC price gained positive momentum and managed to climb above both the EMA. It triggered the positive sentiment and prices rallied 50% approx in the short period of time. Meanwhile, the volume spikes are also visible indicating some genuine investors had taken long positions.
The rally halted at $0.04700 which turned out to be resistance and reverted in the opposite direction. XDC price forming a double-top pattern and sellers are trying to drag the price down below the breakout level. However, till the price holds $0.03000 the probability of bounce back from the support levels remains high.
Will XDC Network Price continue to rise?
XDC Network Price is quite volatile and forms a three-black shoulder pattern on a weekly time frame. It shows the initial signs of the bearish trend reversal but the confirmation is still awaited. The further downside momentum will resume after prices dropped below the 200-day EMA. Therefore, Till price is above the 200-day EMA long-term investors are safe.
XDC price had rallied more than expected so, it might consolidate for some time in the narrow range. The technical analysis suggests XDC Network is near to the demand zone. Moreover, any short-term correction will have a high probability of bouncing back from lower levels.
XDC Price: Technical outlook
XDC price fell 6% in the current week and buyers are trying to defend the previous breakout level. The overall market sentiment is also turning bearish which might negatively impact the prices of other Altcoins.
The technical indicators like MACD had generated negative crossover and histogram bar is in a declining phase. It indicates bearish momentum may continue for some more time. The RSI at 35 sloping down denotes weakness but short-term relief rally may also trigger from the oversold territory.
Conclusion
XDC Network Price prediction favors the bulls and suggests a rise in the long term. The prices witnessed minor profit booking from the supply zone but it still holds the 200-day EMA. The technical analysis suggests XDC price is near to the demand zone and probability of rebound remains high.
Technical levels
Resistance levels: $0.04700 and $0.05200
Support levels: $0.03000 and $0.02500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/05/03/xdc-network-price-prediction-will-xdc-price-hold-break-out-level/