The crypto market has been down for the past 24 hours, with top coins like Bitcoin dancing along with the bearish trend. But while top coins lost last week’s gains, XDC Network has more than 16% of its gains.
XD now trades at $0.068, a price that is 16.75% higher than its value seven days ago. However, despite the token’s resilience, the bulls are on the verge of capitulating, losing nearly 4% in the past 24 hours.
XDC network price performance over the past week
XDC’s current market situation is similar to that of a water lily, with roots buried in the water while flowering leaves sprout above, looking for more opportunities to rally. XDC’s partial bullish momentum is sustaining the token’s weekly gains, while others have completely succumbed to bearish pressure.
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The current price of XDC is still more than 126% higher than it was 30 days ago, suggesting that the bulls are still determined to resist the swings. The slight decrease in 24-hour trading volume of 0.55% confirmed this assumption.
XDC Social Sentiment Upbeat as Community Waits for Upcoming Ecosystem Events
Anticipation for the ETHToronto Hackathon, scheduled for August 15-16, 2023, remains high, with the XDC community at its center. According to an Aug 4 announcement by the XinFin Network, the XDC Network is the official Tera Byte sponsor of this event.
This event provides an incredible opportunity for blockchain and crypto enthusiasts to connect, collaborate and explore the future of blockchain technology. The anticipation has increased XDC’s social sentiment as several people are already trying to buy the token. In addition, the event could also increase XDC’s exposure, potentially increasing its usability, user base, and trading volume.
In another announcementThe XinFin Network announced that the XDC Foundation will be the Platinum Sponsor of the 2023 Trade Finance Investor Day. The event, hosted by the Trade Finance Distribution Initiative (TFDi), will take place October 19-20 at the five-star Grove Golf and Country Club, Hertfordshire, UK. The initiative aims to help many investors access trading assets at the lowest possible cost.
XinFin USA, the company behind the XDC Network, will be present at the event showcase the benefits of the XDC network for banks, secondary market investors and industry experts.
These joint efforts are increasing the network’s market presence, which is reflected in the token’s price performance over the past week.
XDC Market Outlook; What’s next?
Meanwhile, the bears are in the XDC market today, actively trying to push the token off the $0.07 price level. The daily chart shows the moving average convergence/divergence below the signal line, with red candlesticks. The RSI is also at 45 and is approaching the oversold area.
XDC is now approaching the $0.6 support zone, a point that could allow the bears to initiate more downside trends. XDC could drop lower in the coming hours if the bulls fail to get going again.
The token reached a daily high of $0.08028 on August 6 before gradually moving back towards the bears. At the time of writing, the token has slipped off its high and is now trading at a low of $0.06872.
Featured image from Pixabay and chart from TradingView.com