XDC Technical Analysis: Price Below the Pivot Point of $0.137, Expected to Find Support at $0.127

XinFin is a hybrid Blockchain technology company optimized for international trade and finance. By using the native coin XDC, the XinFin platform can be powered. In addition, the XDC protocol supports smart contracts, 2000TPS, 2seconds of transaction time, and KYC to masternodes. With the “highly scalable, secure, permissioned, and commercial grade” XinFin Delegated Proof of Stake implementation on the XDC Chain, the XDC Chain is set to create a blockchain network that is both permissioned and scalable.

Let us look at the technical analysis of XDC.

Past Performance

The price of XDC is at $0.129 which is down by 2.80% in the last 24 hours. Also, the price touched its all-time low price of the last week at $0.126 on the 8th of September. The XDC opened at $0.130 on the 1st of September and closed at $0.132 on the 8th of September, There are no significant highs or lows in the price, thus, the volatility has been low for XDC.

XDC Technical Analysis

After a sharp rally, XDC is currently taking support at a very crucial zone. In the past, we have seen XDC bouncing up from these levels. We can expect the same this time. Therefore, this is a crucial stage for bulls. Let’s see if the indicators are supporting the trend or not.

On the daily chart, the OBV has taken a dip; it broke its uptrend since the beginning of the month of September, suggesting a gradual depreciation in the volume of XDC.

At the beginning of the month of September, the RSI took support at 47.98% and shot up. It faced rejection from 53.40% and took a sharp downswing, and tried to take support at 48.10%. But, the density of selling pressures took RSI further down, and it is currently at 45.80%. The selling pressures are high on this horizon and have majorly taken over the buying pressures, the market seems bearish for today.

MACD and EMA lines are above the zero range, however, there is a bearish crossover also, the lines are downward sloping, if the lines move further down, it will fall below the zero range. After a bearish crossover, we can expect a short pull back on the price level.

Day-Ahead and Tomorrow

The XDC price is below the pivot point of $0.137 and is expected to find support at $0.127. However, if the bearish trend prevails, the price will fail to find support at this level and might break further down. Furthermore, the 2nd support level is formed at $0.120, this shall be the crucial support level, at this level the price might find support and bounce back.

The traders are suggested to watch the price trend closely at this crucial support level as it will further set the momentum of the price.

However, if the price rises above and breaks the immediate resistance level, which is at $0.152. It will highlight the next resistance level at $0.158. Traders can take a long position accordingly.


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