- XDC price reaches 52-week high of $0.06024 after establishing support.
- Partnership with SBI VC Trade boosts confidence and trust in XDC.
- XDC market experiences surge in price, market capitalization, and trading volume.
In the initial hours, the XDC Network (XDC) market witnessed a prevailing bearish sentiment, exerting downward pressure on the price. Nevertheless, a significant level of support was eventually established at the $0.04639 mark. This pivotal development enabled buyers to effectively counteract the selling pressure, propelling the XDC price to reach an impressive 52-week high of $0.06024. Subsequently, a minor pullback occurred, marking a temporary retreat from the peak levels.
The surge in price was driven by the optimistic announcement regarding the partnership between the project and SBI VC Trading, a prominent Japanese cryptocurrency trading platform, as sponsors for the highly anticipated WebX 2023 event. This event holds significant importance within the cryptocurrency sector, attracting global attention and instilling confidence among investors, thereby bolstering trust in XDC.
The partnership with SBI VC Trade offers crucial financial support and paves the way for enhanced XDC adoption and broader market reach, thereby creating new avenues for growth and development.
During the publication, the XDC market was dominated by bullish sentiment, leading to a notable surge in price by 19.27% to reach $0.05991. Simultaneously, the market capitalization of XDC experienced a substantial growth of 19.36% to reach $830,421,090, while the 24-hour trading volume witnessed a significant surge of 42.33% to reach $19,139,693. These impressive price and market capitalization increases signify a surge in demand and heightened confidence in XDC within the crypto industry.
The XDCUSD price chart shows a bullish trend in the market as the 10-day Simple Moving Average (SMA) has crossed above the 50-day SMA. The 10-day SMA reached a level of 0.053739, while the 50-day SMA (yellow) touched 0.046274. This movement suggests a positive momentum in the XDCUSD market.
When the shorter Simple Moving Average (SMA) surpasses the longer SMA, it may indicate a potential momentum shift towards upward price movement. Experienced traders in the cryptocurrency industry might perceive this as a signal to contemplate acquiring XDCUSD, expecting additional price appreciation.
The XDCUSD market is currently displaying a robust upward momentum, as evidenced by the Aroon up (orange) reading of 100% and the Aroon down reading of 50%, pointing towards a southward direction. This trajectory strongly suggests a high probability of imminent price appreciation. Crypto traders seeking to capitalize on this bullish trend are advised to contemplate entering long positions or augmenting their existing positions in XDCUSD.
The XDCUSD market is presently exhibiting a slightly overbought condition, as indicated by the Relative Strength Index (RSI) rating 66.91. Although this reading implies a potential short-term decline, the robust upward momentum and elevated Aroon readings indicate that any downward movements are expected to be transitory and will subsequently be followed by additional price advancements.
A Bull Bear Power (BBP) rating of 0.010281 signifies a prevailing bullish sentiment in the XDCUSD market. This optimistic BBP rating implies that there is potential for further price growth in the short term. Consequently, as the market demonstrates continued strength, it may be prudent for investors in the crypto industry to maintain their positions or potentially increase them.
The collaboration between XDC and SBI VC Trading for WebX 2023 has sparked a notable uptrend, driving the price to reach its highest point in the past 52 weeks. Given the robust momentum and favorable indicators, investors can reasonably expect additional gains shortly.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
