XDC Is Bullish Over A Month, Will The Upward Trajectory Continue To Reach $1?
In the world of cryptocurrencies, XDC coin has made a significant splash, becoming CoinMarketCap’s top performer after witnessing a 30% surge in its price within a week, propelling it to $0.073. The upward trend began on July 20, when the coin was trading at $0.03, according to CoinmarketCap data.
Can XDC Token Reach $1?
Despite the already remarkable 38% price increase the previous week, the XDC coin has maintained its bullish tenacity with four straight days of positive price movement. Investors should exercise caution, though. The coin may be overbought now, as the Relative Strength Index (RSI) has increased to 82.46 from 76.40 just one day ago. Cryptocurrencies can stay overbought for a long time in strong uptrends, which could trigger a quick fall.
After hitting a peak of $0.050 early this year, the coin has fluctuated periodically upward and downward. XDC might retest its 2023 peak with an additional 10% increase. The token’s value would need to increase by nearly 24 times to reach the estimated target price of $1, which represents a huge potential for growth and a lucrative opportunity for investors seeking high profits.
Expressing his views on the ongoing trend, Lawyer and Analyst Bill Morgan tweeted, “And XDC did not even need legal clarity or a favorable legal decision. 135% increase over the last month. Another 14% just today.”
Also Read: New Backup Pool Solution: A Remedy For CRV Liquidation Crisis?
Why Is XDC Bullish?
Analysts attribute this rapid growth to factors such as the XDC Network’s recent high-profile collaborations and strategic launches. Among them are the Authenticity Guarantee for streetwear on eBay using the XDC Network, the integration with Chainlink’s Oracle network, and a fruitful collaboration with R3 Corda aimed at interoperability.
Furthermore, the users of the XDC Network are abuzz about an upcoming event that promises to showcase cutting-edge products and host powerful business figures. This expectation is in line with the token’s rising value and the blockchain project’s sponsorship of WebX 2023 by SBI VC Trade, a Japanese cryptocurrency trading firm.
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