Xinfin Network’s XDC is up by more than 13% today and could top the $0.10 psychological level if the current bullish momentum is maintained.
The cryptocurrency market has been underperforming over the past few hours, with the total market cap now below $2.2 trillion. One token that stands out is XDS, that has gained over 13% in the last 24 hours.
XDC Eyes the $0.10 Psychological Point
XDC, the native token of the Xinfin Network, has been rallying over the past few hours. The rally comes despite the broader cryptocurrency recording losses, with Bitcoin now trading around $46,000 per coin.
XinFin is an enterprise-ready hybrid blockchain technology company designed to tackle challenges in the international finance and trading sector. Its native token, XDC, currently supports smart contracts, has a 2 seconds transaction time, a transaction speed of 2,000 TPS and uses XinFin Delegated Proof of Stake (XDPoS).
Xinfin intends to be a highly scalable, secure, permission, and commercial grade’ blockchain network. XDC is recovering from a slump that affected its price earlier this year. Over the past three months, XDC’s value has dropped by more than 24%.
However, the token has been performing excellently in recent weeks. Earlier this month, XDC/USD found support at the mid-July lows around $0.067, and this could allow it to eye the $0.10 mark over the coming hours or days. Despite its recent rally, XDC is still down by nearly 50% from the mid-August high of $0.20.
XDC is Trading Above its 50-Day EMA
XDC’s technical indicators show that the cryptocurrency is currently performing well and recovering from its recent losses. If the current momentum can be maintained, XDC’s value could soon soar.
The XDC/USD daily chart shows that the coin is trading above its 50-day moving average of $0.0837. The MACD line has just crossed over into the positive region, indicating a growing buying appetite for the coin. Furthermore, the 14-day relative strength index of 61 means XDC could soon enter the overbought region.
XDC could surpass the $0.10 psychological level over the coming hours if the market conditions remain unchanged. However, it would need the support of the broader market to top the second major resistance level at around $0.144.
Source: FX Empire