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Vikram
Aug 24, 2022
by Vikram

XDC Price Trend Sustains Bullish Hope Despite A Drastic Fall

XDC Technical Analysis

Table of contents

  1. XDC Technical Analysis
  2. Technical Indicators
The July-August recovery rally in XDC/USDT price marked a local top at $0.0365. This bull run accounted for a 64% growth from the June 30th low of $0.022. However, with the recent sell-off in the crypto market, altcoin reverted from the mentioned resistance and triggered a bearish pullback. So should you grab this dip opportunity?

Key Points:

  • The cup and handle pattern governs the XDC price action.

  • The 50-day SMA flipped to a viable support level.

  • With a market cap of $318.7 million, the intraday trading volume of XDC has dropped by 21.4% to reach $8.696 million.

    • TradingView Chart

    Source - Tradingview

    XDC Technical Analysis

    The V-top reversal from $0.0365 resistance tumbled the prices by 22.8%, hitting the combined support zone of $0.028 and 0.618 Fibonacci retracements. On August 23rd, the XDC price witnessed a significant inflow resulting in an 18% price jump.

    The massive bullish candle breached the immediate resistance of $0.0312, suggesting the continuation of the prevailing recovery. However, today the coin is 7.5% down, and testing pierced resistance is for suitable support. If the daily candle managed a closing above the $0.0312 mark, the buyers should drive the altcoin 17% higher to hit $0.036 resistance.

    Another theory to support this rally is forming a cup and handle pattern. This reversal pattern is often spotted at market bottoms and ignites a significant recovery if market sentiment favors it.

    Thus, under this pattern's influence, the XDC price should poke through the prior swing high of $0.0365 and offer a 32% growth potential to the $0.48 mark.

    Technical Indicators

    The RSI indicator failed to sustain above the neutral line, indicating the market sentiment is still weak.

    The breakout candle even reclaimed the 50-and-100-day SMA, providing some extra edge for coin buyers. Thus, the 50 SMA wavering around the $0.0312 mark assists traders in giving different footing for price recovery.

    Resistance Levels: $0.0312 and $0.034

    Support Levels: $0.028 and $0.026

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    XDC Price Trend Sustains Bullish Hope Despite A Drastic Fall
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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