XDC Network Surges 12% in a Week Amid Strategic DeFi Partnership with LoopFi – Bulls Eye $0.1
Highlights:
- XDC Network price has increased by 1.5% to $0.065, as trading volume spikes 8.84%.
- The recent rise comes as XDC Network partnered with LoopFi.
- Technical indicators suggest a potential breakout towards the $ 0.10 mark in the short term.
The XDC network is showing a strong upward movement, surging 1.5% in the past 24 hours to $0.065. Its daily trading volume is up 8.84% signalling intense market activity. XDC is now up 12% over the past week and 10% over the past month, indicating increased interest among XDC investors and traders. This comes following the highly successful partnership between XDC Network and LoopFi. This partnership enables users to stake XDC and earn rewards, offering early access to the expanding XDC ecosystem.
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LoopFi offers a significant benefit in that XDC tokens can be converted at a 1:1 ratio. This enables more users to become neighborhood investors upon entering DeFi. This new feature makes XDC one of the first movers in the DeFi implementation space. It also enables an increase in users engaging with the ecosystem’s staking and crypto-earning opportunities.
XDC Network Aims for a Breakout
Although the price has been volatile in recent times, the XDC Network still exhibits positive technical indicators. On July 8, the XDC price stands at 0.0654, corresponding to a 1.5% surge in the past 24 hours. The volume of trades has decreased by 8.55%, indicating a decline in market activity.
However, the open interest in the network has increased by 0.36%, indicating that significant investor interest remains, despite the low trading volume. The long-to-short ratio is 1.0157, indicating a good balance between long and short positions, which suggests that XDC remains relatively bullish.
Technically, the daily chart outlook of XDC/USD indicates that the token has been experiencing a modest rally over the past few days. The price action sits between its 50-day and 200-day MAs and has a price resistance at around $0.0779 and a support at $0.0618.
The Relative Strength Index (RSI) has a value of 64.38, implying that the market is tilted towards the bullish side. However, there is still room for the token to move higher before it is considered overbought. If the price of XDC surpasses its current resistance of $0.079, it may experience upward price action. In such a case, the token could rally towards the next resistance level of $0.10 and beyond.
Is $0.1 Imminent in the XDC Market?
The rising trading volume and positive technical indicators suggest that the XDC Network price is poised for a bullish breakout. Meanwhile, the bulls have established a strong support zone at $0.0618, providing them with wings for further upside towards the $0.0779 resistance. If the bulls overcome the key barrier at $0.077 mark, a rally toward $0.1 mark could be plausible. In a highly bullish scenario, the bulls could target $0.12 to $0.14 in Q3.
On the other hand, if the resistance remains strong, the token may undergo short-term consolidation within the support range of $0.061 to $0.055. In the meantime, traders monitor the key support and resistance zones, as a breakout in either direction will determine the next move in the XDC market.
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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