Chain (XCN) is one of the cryptocurrencies that attracts attention with its rise these days, when the horizontal trend in the crypto money market continues. So why is XCN rising?
XCN has gained about 12 percent in the last 24 hours, according to data from CoinGecko. With this rise, XCN took the first place in the list of the highest risers. So why is XCN rising? What is the reason for the rise in XNC? Let’s take a look at this article.
Why is XCN Rising?
Let’s have an idea of what XCN does before why XCN rose. XCN is an Ethereum-based token that manages the Chain Protocol. The token is used to vote on protocol improvements and various programs or projects targeting the community. Apart from that, XCN can also be used as a payment method for the fees of Sequence and other Chain ecosystem products. When XCN is used, discounts and special access opportunities can also be offered to users.
When we look at the daily chart of XCN, we see that the price first tried the $0.071 and then the $0.077 resistance zones by getting a strong reaction from the $0.06 support level. On the other hand, we can see that the price level cannot hold here and sales are coming. We can interpret the increase in the price as an increase in volume with community activity.
We can show the $0.071 and $0.077 zones as resistance levels in Chain’s ecosystem token.
On the downside, the $0.06 level could act as a support zone first.
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