XinFin Network is an enterprise-level hybrid blockchain network that aims to provide further impetus to global trade and finance. It is powered by smart contracts and has characteristics of both public and private blockchains. It is a decentralized, interoperable, and PoS-based network. XDC is the in-house token of this ecosystem. Let us look at the technical analysis of XDC.
On Jun 15, 2021, XDC opened at $0.05. On Jun 21, 2021, XDC closed at $0.06. Thus, in the past week, the XDC price has decreased by roughly 20%. In the last 24 hours, XDC has traded between $0.058 – $0.072.
Day-Ahead and Tomorrow
Currently, XDC is trading at $0.061. The price hasn’t changed much from the day’s opening price of $0.06. Thus, the market seems neutral.
The MACD and signal lines are positive. Thus, the overall market momentum is bullish. However, a bearish crossover by the MACD line over the signal line has occurred. Hence, we can expect a price pullback.
Currently, the RSI indicator is at 63%. It faced rejection at 58% and rose to the current level. Hence, buying pressures are high. High buying activity will push the price upwards.
Besides, the OBV indicator is upward sloping. Thus, buying volumes are much higher than selling volumes. In other words, the OBV indicator is giving further credence to the positive momentum indicated by the RSI oscillator.
In short, when we look at all three oscillators together, we can say that the overall market momentum is currently bullish. However, an intermittent price pullback amidst a bearish trend is expected. In other words, the market seems to be in a correction phase.
XDC Technical Analysis
Currently, the price is below the Fibonacci pivot point of $0.063. It may soon fall below the first Fibonacci pivot support level of $0.058. Thereafter, we have to wait and watch if the price continues to decline or starts rising again.
The price has tested and fallen below the 76.4% FIB retracement level of $0.061. The price may soon fall below the 24-hour low of $0.058 as well. If the price retests and breaks out of these levels by day end, then probably the price uptrend is strong enough to sustain till tomorrow.