XDC Network price is up slightly 0.01% in the past 24 hours and currently trades at $0.4971. The XDC crypto price bounced back from the 200-day EMA and currently hovers near the 50-day EMA.
Furthermore, the price trend analysis illustrates that the XDC price is in a short-term correction phase after a price surge. The XDC Network price experienced a surge in mid-July and gained over 180% in a very short span of less than 20 sessions.
The short-term surge might have triggered a profit booking among the short-term investors and the price declined. Thereafter, the price continued forming bearish price action.
The volume analysis shows that the XDC Network crypto price has a trading volume of $5.82 Million in the past 24 hours which is 72.35% more than the last day. The XDC crypto has a market cap of $689.5 Million and ranks 56th in the crypto market. The volume-to-market-cap ratio is 0.45%; indicating very low volatility in the market.
XDC Network Price Bounced Back From 200-EMA
Recently, the XDC Network price took a rebound from the 200-day EMA and currently struggling to break above the 50-day EMA. The XDC crypto price has a recent resistance at $0.053 above which the crypto price may again turn optimistic and resume its long-term trend.
However, the price may correct more and continue to decline with the same momentum. The volume is rising but not enough to counter the selling pressure at the moment. The bulls need to accumulate more buying volume and surge the price higher.
Technical Indicators Show Bulls Regaining Momentum
At press time, the RSI line is showing a positive crossover of the SMA line. The RSI line is above the mean line indicating bulls regaining in the short term. The current RSI value is 54.2 and that of the SMA line is 45.64.
The EMA analysis shows that the XDC price rebounded from the 200-day EMA indicating the presence of buyers at the lower levels.
Conclusion
XDC Network price is slightly up and trades at $0.4971. The price rebounded from the 200-day EMA and struggled to break above the 50-day EMA. The price surged 180% in July and is currently in a correction phase. The volume is low and the market cap is at $689.5 Million.
The price has a resistance at $0.053 and needs more volume to break it. The price may decline more if it fails to cross the EMA. The price is in a short-term correction phase.
Technical Levels
- Support Levels: $0.045 and $0.040
- Resistance Levels: $0.053 and $0.059
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/26/xdc-network-price-bounces-from-200-ema-can-it-resume-bullishness/