Home Analytics of crypto Price Chart Was on a Downtrend, Took Crucial Support at $1.05 to Reverse the Trend

Price Chart Was on a Downtrend, Took Crucial Support at $1.05 to Reverse the Trend

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Crypto News

XinFin is an enterprise-ready hybrid Blockchain technology company optimized for international trade and finance. The XinFin network is powered by the native coin called XDC. The XDC protocol is architected to support smart contracts, 2000TPS, 2 seconds of transaction time, KYC to Master nodes (Validator Nodes). The XDC Chain (XinFin Digital Contract) uses XinFin Delegated Proof of Stake (XDPoS), with the intention to create a highly scalable, secure, permission, and commercial grade’ blockchain network.

Let us look at the technical analysis of XDC.

Past Performance

XDC opened at $0.121 on 14 October 2021. A trend reversal was seen, and the week ended with a close at $0.112 on 20 October 2021. This was a negative change of 7.4% over the week.

Price Chart Was on a Downtrend Took Crucial Support at

Source: https://www.tradingview.com/x/asLyQlid/

XDC Technical Analysis

The price chart was on a downtrend, and it took crucial support at $1.05 to reverse the trend. The price is constantly increasing after that. Currently, XDC is trading at $0.114, which is 1.34% higher than the previous day’s close.

OBV is on an uptrend. This means that the buying pressure is consistently over-powering the selling pressure. This is a bullish signal and traders may take a long position here.

RSI is again on an uptrend. Right now it is at 44.59%. This is again a bullish signal, meaning that the traders may take a long position. However, it is still below equilibrium, which means that the price may go down as well.

MACD, being a lagging indicator, is still in the negative region. However, the distance between the fast line and the slow line is decreasing and both the lines are moving in the positive directing. There is no divergence from the price chart.

Day-Ahead and Tomorrow

Fib numbers show that the XDC price has successfully crossed the Fibonacci pivot at $011. The next target is at $0.12.

Thus, the indicators are giving bullish signals, which means that the traders may take a long position. The target can be kept at $0.12 and stop-loss at $1.06.

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