The XDC Network Holds Gains While Others Fall
The crypto market has experienced a downward trend over the past 24 hours, causing top coins like Bitcoin to lose their recent gains. However, the XDC Network has managed to hold onto over 16% of its gains, trading at $0.068, which is 16.75% higher than its value a week ago. Despite this resilience, the bulls are beginning to lose ground, with a 4% loss in the last 24 hours.
XDC’s Strong Performance in the Last Week
- XDC’s market situation resembles a water lily, with roots buried in the water and flourishing leaves above, seeking opportunities to rally.
- The token has sustained partial bullish momentum, allowing it to maintain its weekly gains while others succumb to bearish pressure.
- Despite a 0.55% decline in its 24-hour trading volume, XDC’s current price is still 126% higher than 30 days ago.
XDC Social Sentiment Boosted by Upcoming Ecosystem Events
The XDC community is eagerly awaiting the ETHToronto Hackathon, where XDC Network is the official Tera Byte sponsor. This event presents a great opportunity for blockchain enthusiasts to connect and explore the future of blockchain technology. The anticipation surrounding this event has increased XDC’s social sentiment and attracted more people to purchase the token. Moreover, the event could enhance XDC’s exposure, usability, user base, and trading volume. Additionally, the XDC Foundation will be the platinum sponsor of the Trade Finance Investor Day 2023, aiming to help investors access trade assets at a lower cost.
XDC Market Outlook and Potential Downtrend
The bears are currently active in XDC’s market, attempting to push the token below the $0.07 price level. The Moving Average Convergence/Divergence is below the signal line, accompanied by red candlesticks on the daily chart. The RSI is approaching the oversold area at 45. XDC is approaching the $0.6 support zone, which could empower the bears for further downtrends. If the bulls fail to regain momentum, the token may experience a dip in the next few hours. Currently, XDC is trading at a low of $0.06872, slipping off its peak of $0.08028 on August 6.
Hot Take:
The XDC Network has shown resilience in holding onto its gains while other top coins fall. However, the bears are gaining strength in the market, which could potentially push XDC into a further downtrend. The upcoming ecosystem events and sponsorships have increased the social sentiment around XDC, but it remains to be seen if these events will have a significant impact on the token’s price and market presence.
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