Amid the ongoing bullish recovery in the crypto market, the altcoin market has experienced a significant uptrend over the last few days. Moreover, mid-cap altcoins such as XDC Network have surged ~40% over the 7 days, indicating an increase in the bullish sentiment.
Will XDC Network price maintain its bullish price action and achieve the $0.20 mark this month? In this article, we have uncovered the short-term market sentiments and possible price targets of the XDC Network (XDC) crypto token.
XDC Crypto Forms An Expanding Channel Pattern!
This altcoin has maintained its bullish price action by adding 38.71% to its valuation during the last week. Moreover, it has jumped 37.02% this year. Moreover, with a market cap of $1.434 billion, it has secured the 76th position in the global crypto market.
The Moving Average Convergence Divergence (MACD) records a constant rise in the green histogram with its averages showing a bullish convergence in the daily time frame. This indicates a positive outlook for the altcoin this week.
The EMA 50/200-day shows a positive rise in the XDC Network price chart, highlighting an increase in the buying pressure for it in the cryptocurrency market.
Will XDC Price Hit $1.5 This Month?
If the bullish sentiment sustains, the XDC coin price will prepare to test its resistance level of $0.120. Maintaining the price above that level could push the price toward its upper resistance level of $0.13850 this month.
On the contrary, if a trend reversal occurs, this altcoin could retest its support level of $0.08750. Furthermore, if the bulls fail to regain momentum at that point, this could result in it retesting its lower support level of $0.07225.
