XDC Technical Analysis: XDC Prices Starts Another Bull Cycle
Table of contents
Key technical points:
Past Performance of XDC
A falling trend within a descending parallel channel for the past two months accounted for a 50% drop in the XDC market value. Additionally, the downfall resulted in a price drop to the $0.022 mark From the height of $0.0478. However, the bullish reversal from the $0.022 mark teases a price jump above the resistance trendline with the recently forming morning star pattern.
Source- Tradingview
XDC Technical Analysis
The price of the XDC token Has increased by 2.47% in the last 24 hours resulting in a bullish engulfing candle Completing the Morning Star pattern. The reversal pattern forming at the area of interest increases the likelihood of a bullish breakout rally. The MACD indicator Shows the sideways trend leading to a bullish crossover of the fast and slow lines teasing an increasing pressure. Moreover, the RSI indicator shows a bullish reversal in the oversold zone to test the 14-day SMA.
In a nutshell, the XDC price analysis forecasts a growing possibility of a bullish breakout of the falling channel.
Upcoming Trend
XDC buyers can expect the bullish trend continuation above the resistance trendline to reach the $0.026 mark. Moreover, the falling channel breakout will increase the likelihood of a bull run to $0.031 with the release of trapped underlying bullish momentum. Conversely, a bullish failure will lead to a bearish continuation under $0.022.
Resistance Levels: $0.026 and $0.031
Support Levels: $0.022 and $0.020