The XDC network token has skyrocketed 21% in the past 24 hours. This double-digit gain pushed XDC to its highest price since 2021 and made it the top market winner among major cryptocurrencies during that period.
This strong bullish pressure could prolong XDC’s bull run in the short term. This analysis has detailed information.
XDC Sees Growth Exceeding Demand
A corresponding increase in daily trading volume has been accompanied by an increase in XDC’s price. In the past 24 hours, this number has increased by 40%, totaling $84 million at press time.
When an increase in trading volume is accompanied by an increase in the price of an asset, this indicates strong interest from the market and increased participation. That suggests the price increase is supported by real demand for the asset. This combination confirms the strength of the XDC bull run and suggests the possibility of maintaining momentum.
Notably, the currency’s Aroon index supports this bullish outlook. At the time of writing, XDC’s Aroon Up index is 100%, while the Down index is 0%.
The Aroon Index measures the strength and direction of a trend by analyzing the time since an asset reached its latest high (Aroon Up) and low (Aroon Down).
When an asset’s Aroon Up index is at 100%, while the Aroon Down index is at 0%, it indicates that the asset’s most recent high occurred very recently, while its most recent low far away in time. This is true for XDC, currently trading at a four-year high of $0.121.
This shows a strong bullish trend, as the coin continuously reaches new highs. It signals upward momentum, creating favorable conditions for further price increases.
XDC Bulls Aim for $0.194, While Bears Track $0.10 Support
Figures from XDC’s Fibonacci Retracement tool suggest that if the current bullish momentum continues, it could push the altcoin price above resistance levels at $0.127 and $0.157, potentially approaching the All-time high is 0.194 USD.
However, if a correction occurs and demand weakens, the XDC Token price could retreat to the $0.10 level.
