After yesterday’s rise, the crypto market turned south today. However, XDC price has reached a weekly high. According to analyst Kelvin Munene, indicators for the altcoin point to a possible pullback.
While the market is swimming in red waters, this altcoin continues to fly!
As you follow on Kriptokoin.com, Grayscale’s victory over the SEC gave the market morale. The leading cryptocurrency Bitcoin took a glance above $ 28 thousand. The popular meme coin Dogecoin has gained new momentum. However, the overall market has turned south today and is bearish. On the other hand, an altcoin that has challenged the decline has managed to attract attention.
Tradeteq’s tokenized US Treasury offering was launched on the Tier-1 Blockchain XDC Network on Tuesday. Positive momentum has dominated the altcoin price since then. As a result, XDC price rallied to a 7-day high of $0.06659 before meeting resistance from the intraday low of $0.05929 in the previous 24 hours.
These support the uptrend
It is possible to attribute this price increase to the increased interest, the demand for tokenized US Treasury offers and the positive outlook of the market. If the $0.06659 resistance level is broken, the next level of resistance for XDC price will be around $0.07000. However, there may be a pullback or a period of consolidation before the price continues its upward rally.
XDC 1-day price chart. Source: CoinGeckoDuring the bull run, XDC’s market cap and 24-hour trading volume increased by 8.48% and 30.47%, respectively, to $895,110,754 and $14,775,539. This increase indicates a significant influx of investors and trading activity in XDC. Moreover, it further supports the uptrend.
What does technical analysis show for altcoin?
The Bollinger bands on XDC’s 4-hour price chart are expanding and rising. This points to the possibility of more volatility and upward movement in the altcoin price. The crossing of the upper and lower Bollinger bands at $0.06850202 and $0.04627758, respectively, is proving a bullish bias. With price action near the upper band, XDC is currently trading at a relatively high level. It could also potentially experience a temporary pullback or consolidation before resuming the uptrend.
Source: TradingViewAlso, the stochastic RSI at 57.22 is trading below the signal line and shifting south. This indicates a possible decrease in buying pressure. This pattern indicates a possible price drop for the altcoin. Because it is possible for investors to take their profits and wait for a better entry time.
Additionally, the Relative Strength Index at 68.14 indicates that XDC is approaching the overbought zone, the current uptrend is losing momentum and a correction may be coming. If the RSI stays above 70, it will strengthen the overbought situation and increase the likelihood of a market reversal. While XDC’s positive momentum is evident, caution is warranted as indicators point to a potential pullback due to profit taking and overbought signals.
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