Why XDC Price May Hit $0.10 Amid Growing Demand
The XDC Network token bucked the trend, rising 7% in the past 24 hours to become the biggest gainer among major cryptocurrencies.
With strong bullish momentum, XDC is poised to extend its gains in the near term. This analysis examines recent market trends and highlights potential price targets for altcoins.
XDC sees surge in demand on daily chart
XDC is currently trading Its Parabolic Stop and Reversal (SAR) indicator is above the dotted line. This indicator tracks an asset’s price trend and identifies potential reversals by plotting points above or below the asset’s price.
When an asset’s price trades above the directional indicator, it indicates that it is in an uptrend, signaling bullish momentum. Conversely, if the price falls below the SAR point, it indicates that a downtrend or a bearish reversal may be occurring.
therefore, XDC Parabolic SAR Settings The indicator reflects the bullish sentiment among market participants, suggesting more gains to come in the near term.
Furthermore, XDC’s growing on-balance volume (OBV) confirms the growing demand for the altcoin. As of press time, the momentum indicator, which measures asset buying and selling pressure, is on an upward trend at 217.06 million.
When an asset’s OBV climbs like this, it indicates strong buying interest and usually signals a continuation of the uptrend.
However, many XDC futures Traders are challenging the uptrend, as evidenced by the coin’s negative funding rate. It is currently at -0.06, which reflects strong demand for short positions.
The funding rate is a fee that is periodically exchanged between perpetual contract traders to balance long and short positions based on the difference between the contract price and the spot price. Negative funding rates mean that short positions are paying for long positions, indicating bearish sentiment, with traders expecting the asset price to fall.
XDC Price Prediction: Short Approach Imminent as Bullish Momentum Grows
If the bullish momentum continues, XDC short sellers could face a squeeze. In this case, its price could hit $0.10, triggering the liquidation of some short positions.
However, if buying pressure subsides, XDC’s Prices may fall back to $0.07, providing profits to short traders.
Disclaimer
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