On January 15th, the value of XDC, the indigenous cryptocurrency for the layer-1 blockchain network, reached an impressive 39-month peak following its breakthrough of a crucial resistance threshold due to a recently announced collaboration.
Today, XDC Network (XDC) experienced a significant surge of approximately 22%, reaching a price point of $0.1231. As per data from CoinGecko, it was the top performer among the top 100 cryptocurrencies. The market capitalization for XDC currently exceeds $1.7 billion at this moment.
The increase in the altcoin’s price was also marked by a significant boost in trading activity and futures market engagement. Specifically, the coin’s trading volume saw an increase of 44% within the last day, peaking at approximately $84 million, and its open interest nearly doubled during the same period to reach around $4.62 million.
Following the announcement of a collaboration between XDC and the account abstraction platform PillarX, there was an uptick in XDC’s performance. This partnership will see XDC becoming an integral part of the PillarX ecosystem, allowing its users to utilize XDC in their Web3 tasks. They can now take advantage of advanced features such as improved transaction efficiency and user-friendly functionalities.
This collaboration will further fortify XDC Network’s dominance in the Real-World Asset (RWA) tokenization market by improving the network’s ease of use and versatility in tokenizing tangible assets via effortless Web3 compatibility. Essentially, RWA tokenization enables users to transform real-world assets, such as property, into tradeable digital tokens within blockchain ecosystems.
Previously, the XDC Network collaborated with Archax, a digital securities exchange and custodian supervised by the Financial Conduct Authority, to boost the use of tokenized real-world assets. This project currently ranks second in the market for such assets, with Mantra leading due to its market cap exceeding $3.6 billion.
The expansion of the XDC Network’s DeFi ecosystem in recent months has significantly boosted investor trust in the project. As reported by DefiLlama, the total value locked within its DeFi ecosystem has skyrocketed from $8.5 million at the start of November to a record-breaking $31.23 million on January 15.
Additionally, the surge in the altcoin was partly influenced by Bitcoin‘s return towards $100k, and the overall crypto market rebound after less severe inflation figures were released by the Bureau of Labor Statistics. Furthermore, the Crypto Fear and Greed Index has moved back to “Greed” from its neutral levels experienced last week, currently reading 70, suggesting a sense of optimism or risk-taking in the market.
XDC price action
According to the 1-day XDC/USDT chart analysis, the Moving Average Convergence Divergence (MACD) and Signal Line indicate a potential continuation of the rally as they are both trending upward. This bullish prediction is reinforced by the Supertrend indicator, where the Supertrend line lies beneath to support the positive market outlook.
The cryptocurrency equivalent to Bitcoin is currently being traded above both its 50-day and 200-day averages, indicating that demand from buyers remains strong. This could suggest that the bulls are aiming for a new record high, approximately 39% higher than its current value of $0.1131, which is around $0.19.
The XDC rally might experience a brief dip prior to further advancement, considering that its price gets close to the top limit of the Bollinger Band and the Relative Strength Index is approaching signs of overbuying.
A possible factor that might halt further price increases is a surge in selling by individual investors. According to CoinGlass data, over the past day, XDC traders have deposited approximately $3.06 million in tokens into exchanges, while withdrawing around $2.57 million.
When more cryptocurrencies are transferred to trading platforms, it often indicates that investors might be planning to liquidate their assets, either for realizing gains or moving their resources into other potential investments.
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2025-01-15 12:50