XDC Network (XDC) recorded a 131% price gain in the past year despite fluctuations in the cryptocurrency market. According to Coingecko, the coin gained 1.6% in 14 days and another 17% within 7 days.
Also, as of 6:20 a.m. EST today, August 30, 2023, XDC is up by approximately 2%, recording a market price of $0.627. These significant price surges have boosted interest in the token among its community, increasing buying pressure.
Market Sentiment Remains Positive Amid Potential Price Volatility
While XDC’s price gain may be due for a correction, the market sentiment is still positive, suggesting more upticks in the coming days.
Data from CoinMarketCap shows that XDC’s 24-hour trading volume is up by 45.3% to $14.6 million with an $877 million market cap, up by 5%.
Again, over the last 30 days, the coin gained by 6%, and this positivity has been maintained in the long run. So, even if the price eventually corrects as expected, XDC could commence its recovery shortly.
Tokenized U.S Treasuries Hits XDC Network Along with Increased Digital Bond Market
The news Securitize shared on the X platform on August 29 highlights the introduction of tokenized U.S. Treasuries on the XDC Network.
The market for tokenized U.S. Treasuries has grown to $622M this year, which is why we’re excited to be working with @Tradeteq on the launch of USTY tokens using @XDCFoundation’s trade finance-focused blockchain. More from @sndr_krisztian in @CoinDesk: https://t.co/YSRwXlJBUQ
— Securitize (@Securitize) August 29, 2023
USTY tokens, representing shares in a U.S. Treasury bond ETF, are accessible through Tradeteq’s platform, a UK-based real-world asset and private debt marketplace.
According to experts’ predictions, tokenized assets like government bonds could create a $5 trillion market. The development could positively impact the XDC Network by enhancing its reputation and utility as a platform for tokenizing and trading real-world assets.
As tokenization gains traction, XDC’s prominence could grow, potentially attracting more users and projects to the network.
XDC’s Overbought Market Condition Reverses – What Could Be Next?
After XDC rallied quickly from $0.0543 to $0.0664 on August 29, it met strong resistance at $0.0687, and the price stalled. Its overall market trend is still bullish. However, the coin is recording major losses due to its overbought market condition.
After the last consecutive green candle stick, the red candle stick shows increased selling pressure. It also represents the market reversal from the overbought condition toward the oversold.
Also, the Relative Strength Index (RSI) at 56.18 is plunging from the neutral zone, suggesting price dips toward the oversold region (below 30).
On the other hand, XDC’s Moving Average Convergence Divergence (MACD) indicator is above the signal line with a bold green histogram bar. This depicts the bullish solid momentum propelling the coin’s price gain today.
Also, the asset’s price is still above the 50-day and 200 Simple Moving Averages. As such, XDC’s overall market trend is still bullish in the short and long term.
This means its price correction due to the attempted overbought market condition may not last long.
Considering the positive market sentiment and recent achievement within the coin’s ecosystem, its value could stand firm amid the short-term negative trend.
XDC Sits Between Critical Support and Resistance Levels
XDC trades between the support and resistance levels at $0.0565 and $0.0687, respectively. The support level shows the possibility of the coin continuing its fall before bargain investors enter the market to buy.
However, its resistance at $0.0687 shows that XDC’s potential for significant surges is within reach. A bounce is triggered once buyers enter the market at XDC’s low price, fueling another rally for the coin.
If that happens, the rally could take the coin to the $0.0687 resistance or above, recording new price milestones in the long run. However, if not, XDC could fall further to a new support level at $0.0486.
Meanwhile, in anticipation of the network’s growth, which could positively affect its token, investors can take advantage of promising alternative assets, like $WSM, for an unending passive income stream.
Best Alternative to XDC?
Wall Street Memes (WSM) appears as the best alternative to XDC, thanks to its community-centered tokenomics. Unlike the XDC Network’s token allocation, the entire $WSM tokens are distributed fairly to suit its community.
By engaging with its community using meme content based on financial or other relatable topics in the crypto space, WSM is poised for explosive popularity, which could boost its market value in the long run.
Also, WSM features a staking pool with alluring APY yields by allowing investors to contribute their coins to the collective pool. This action effectively reduces the overall supply of the tokens available for trading on exchanges.
That way, selling pressure decreases, and with fewer tokens in circulation, the balance between supply and demand can shift, potentially causing $WSM’s price to rise.
Notably, $WSM has entered the final presale stage with over $25.5 million raised. By the end of this last stage (27 days remaining), the token will hit tier 1 exchange and spike as more investors and traders join its market.
Wall Street Memes – Next Big Crypto
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