XDC Technical Analysis: Reversal Rally Gains Speed As It Eyes $0.050

Key Technical Points:

Past Performance of XDC

The Xinfin Network (XDC) price trend takes a bullish reversal after hitting the ultimate bottom level at $0.022, resulting in a price jump about the 100-day SMA. The price action forms a rounding bottom pattern in the daily chart with a neckline at $0.0365, accounting for 55% inflation over the last six weeks. Furthermore, the increase in bullish demand is evident by the spike in intraday trading volume supporting the recent streak of seven bullish candles.

Source - Tradingview

XDC Technical Analysis

The XDC technical chart shows a bullish rally from the 50-day SMA to $0.0365 accounting for a price jump of 28% over the last week. Hence the possibility of the rounding bottom breakout increases significantly. As the Xinfin Network's market price sustains above the 100-day SMA, the possibility of a bull run to the 200-day SMA increases.

The daily-RSI slope displays an unusual spike in the underlying bullishness as it crosses into overbought territory. Moreover, the MACD indicator shows a remarkable growth of bullish spread between the fast and slow lines. Hence the technical indicators anticipate a bullish breakout rally reaching the psychological mark of $0.050.

In a nutshell, the XDC technical analysis maintains an optimistic point of view for the upcoming trend as the buying pressure increases.

Upcoming Trend

If the XDC price action achieves a bullish breakout, the unleashed trend momentum might exceed the 200-day SMA to test the psychological resistance of $0.050.

However, a bearish reversal may support the idea of a cup and handle pattern information if it takes support at the $0.030 level.

Resistance Levels: $0.0365 and $0.045

Support Levels: $0.030 and $0.026