In a remarkable 24-hour period, the XDC Network token has surged by 21%, its most significant ascent since 2021, positioning it as the market's top performer among major cryptocurrencies. The token's bullish momentum suggests the potential for continued gains in the near term, offering an intriguing opportunity for investors.
Accompanying this impressive price hike, XDC has seen a 40% increase in daily trading volume, reaching $84 million as of the latest figures. Such a rise in trading volume, particularly when synchronized with a price rally, denotes robust market interest and heightened participation, underscoring genuine demand for the token.
This scenario fortifies the current XDC price rally, hinting at its potential for prolonged momentum.
Supporting this bullish sentiment, the Aroon indicator has shown positive signals. Presently, XDC's Aroon Up Line stands firm at 100%, while the Down Line rests at 0%.
The Aroon indicator gauges trend strength and direction by analyzing the timing of an asset's recent highs and lows. An Aroon Up line at 100%, coupled with a Down line at 0%, suggests recent highs are near, while lows are distant, indicative of XDC's trading zenith of $0.121, a level unseen in four years.
This configuration indicates a robust upward trend, signifying consistent new highs for the token and strong bullish momentum, which could favor further price escalation.
Analysis using XDC’s Fibonacci Retracement tool reveals that sustained bullish momentum might propel the altcoin above resistance levels at $0.127 and $0.157, potentially approaching its historic peak of $0.194. At the same time, if market enthusiasm wanes and demand falters, XDC's value could retract to the $0.10 support level.