The cost of XDC Network has persisted in a robust upward trend, touching its peak since June 2022, coinciding with the swift expansion of its ecosystem.
As an analyst, I’m excited to report that the value of the XDC Network (XDC) token skyrocketed to a peak of $0.1240 in 2024, marking a staggering 427% rise from its lowest point that year. This dramatic uptick has catapulted the token’s market capitalization beyond the $1.7 billion mark.
The peak in the value locked within the XDC Network’s ecosystem reached an all-time high of $31.4 million, marking a significant increase from the $3 million it was at this time last year. Notable contributors to this ecosystem are Fathom, XSwap Protocol, Wefi, and Prime Staking.
This month, the XDC Network has seen significant expansion, thanks to partnerships with innovative projects like PillarX and Globiance. The network’s advanced features are attracting an increasing number of developers, who find it superior to Ethereum (ETH). Capable of processing up to 2,000 transactions per second at minimal costs, typically just $0.00001 per transaction, the XDC Network is also more energy-efficient than many other blockchains.
A possible trigger for continued price increases might come from the addition of new platform listings by prominent exchanges such as Binance, OKX, and Coinbase.
XDC Network price analysis
Over the last few months, XDC has experienced a robust upward trend, moving from a bottom of $0.0211 in August to its current price of $0.1200. This surge occurred after the development of a golden cross pattern, where the 50-day Exponential Moving Average climbed above the 200-day Simple Moving Average. Generally, this is considered a bullish technical indicator.
Previously established high at $0.1080 served as a significant resistance level for XDC; however, it has now been surpassed, indicating a breakout. This development eliminates the possibility of a double-top formation that had been emerging.
The Awesome Oscillator, which is calculated by subtracting a 5-period simple moving average from a 34-period one, has stayed above zero since January 4, suggesting continuous bullish sentiment. Furthermore, the MVRV-Z metric, used to determine if an asset is overpriced or underpriced, currently reads as 2.6. In technical analysis, a reading below 3.8 generally indicates that the token might still be considered relatively inexpensive.
Considering the current conditions, it seems that XDC might persist in rising. Traders are aiming for the upcoming resistance point at $0.15. But if XDC falls below the crucial support level at $0.10, this could challenge the optimistic projection.
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2025-01-15 17:02