XDC Network’s price continued its strong bull run, reaching the highest level since June 2022 as the ecosystem expanded rapidly.
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The rally occurred as total value in the XDC Network ecosystem reached an all-time high of $31.4 million, up from a low of $3 million last year. The biggest players of the ecosystem are Fathom, XSwap Protocol, Wefi and Prime Staking.
XDC Network has continued to grow this month, with notable integrations from projects like PillarX and Globiance. Developers are increasingly attracted to the network due to its superior properties compared to Ethereum (ETH). The XDC network can process up to 2,000 transactions per second with extremely low transaction fees, averaging $0.00001 per transaction, and is more energy efficient than most blockchains.
A potential catalyst for further price gains could be additional stock market listings by major platforms such as Binance, OKX and Coinbase.
XDC Network Price Analysis
The daily chart shows that XDC has been on a strong uptrend in recent months, from a low of $0.0211 in August to the current price of $0.1200. This recovery followed the formation of a golden cross pattern, with the 50-day exponential moving average moving above the 200-day EMA. This is a typical bullish technical signal.
XDC also broke above the key resistance level at $0.1080, which was its highest swing point since December 7. This breakout canceled out a potential double-top pattern that was forming.
The Awesome Oscillator (the difference between the 34 and 5 period moving average) has remained above the zero line since January 4, indicating continued positive momentum. Furthermore, the MVRV-Z score, which measures whether an asset is overvalued or undervalued, is 2.6. In technical analysis, a score below 3.8 suggests that the token is still relatively undervalued.
Given these factors, XDC is likely to continue its uptrend with bulls eyeing the next psychological resistance level at $0.1500. However, a decline below the key support level at $0.10 would negate the bullish outlook.
