Insights Analysis XDC Continues to Grow

XDC Continues to Grow

October 4, 2023 Analysis
BITmarkets | XDC Continues to Grow

The XDC cryptocurrency exhibits clean, unambiguous structures and favorable Price Flow.

XDC1.1

XDCUSD - 1 Week Time Frame

The situation on the weekly timeframe is as follows: the price formed two strong bullish impulsive moves during 2020 and 2021, which took it to the psychological zone around the $0.2 level. From that point on, a bearish corrective move came. The last stop for this correction was the weekly Imbalance Zone. Then came the change in the structures that has been created by the correction, which indicates the continuation of the long-term bullish trend.

Currently, the price has correctively bounced off the bearish Imbalance Zone on the inside of the correction, which means that the sellers in this market do not pose enough power to drive an impulsive move. Since the price has now filled the last Imbalance Zone, it is unlikely that there will be any major obstacles in the next potential bullish move.

The criteria for entering a buy position are met, but further developments need to be monitored. If the price closes below the Higher Bottom ($0.03), the buy position will be invalidated, and we can expect a deeper correction. The Take Profit level is open, but it will be crucial how the price behaves at its all-time high (ATH).

A BIT about XDC

XinFin Digital Contract (XDC) is the native currency of the Exchange Infinite (Xin Fin) platform, a hybrid blockchain protocol capable of toggling between public and private modes with smart contract functionality. XDC Network allows enterprises to share public verifiable information while concealing private customer data, reducing middlemen interference by connecting beneficiaries and financiers directly. It also provides a P2P decentralized platform, Tradefinex, which enables financiers to connect and complete deals with beneficiaries​​.

Join

Try to invite your friends and earn together

10% of trading fees of your friends and 5% from the earnings of your friends.

Related articles