XDC Down 4% – Will It Sustain Bearish Trend?

On Aug 31, 2023

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XDC Network is in the red zone, in tune with the bearish outlook of the broader crypto market.

Its price has declined after the sharp spike witnessed on August 29. During this period, the token recorded a peak price of $0.06647, a 32% increase from its week low of $0.05024.

However, XDC has lost a significant portion of these gains within the last 48 hours, dipping by 4% in the previous 24 hours. If this trend persists, XDC could record more declines in the coming days, possibly hitting the $0.05 mark.

XDC Loses Previous Gains – How Will This Trend Affect Investor Confidence?

In the meantime, XDC has lost $0.0053 from today’s high of $0.0655, bringing its price down to $0.06 at 05:17 AM EST today, August 31. Despite this pullback, XDC holds over 10% of its past week’s gains and has recovered 3% of its past month’s losses.

As market participants observe the XDC market, they can only anticipate a reversal around the support at $0.059. But what are the odds that XDC could witness a bullish recovery around this price level? Technical indicators may provide more insights.

Sellers Battle with Support Level

There is a bullish appearance in the XDC market, resulting from the uptrend observed in the past two days. The price surge at the time brought the token’s price significantly above the 50-day and 200-day moving averages.

However, XDC failed to sustain this price growth, as it gave in to sell pressure, creating a notable red candle yesterday, August 30. The bearish trend continued today but has narrowed, particularly after closing in on the 50-day moving average.

XDC has now found support at the 50-day MA. Price zone, restricting more sell pressure. The narrow movements now reflect a balanced state in the token market, as evident in the Relative Strength Index (RSI) reading of 52.54.

Meanwhile, the MACD supports the possibility of a bullish turn that could occur within the next 48 hours. The assumption is confirmed by the MACD line standing above the signal line and the histogram creating another vivid green bar today after a series of fainting ones.

XDC Support and Resistance Data

Aside from the 50-day M.A., which strengthens the bulls’ chances to oversee the market, a support level at $0.059 may also reinforce a bullish turn.

While this position keeps the XDC price from dipping further, a sudden push from sellers could result in a breakout, with the following possible target at the $0.051 support.

This analysis concludes that despite today’s bearish trend, XDC could reverse within the next two days. This potential reversal could take its price to the next resistance level at $0.067.

Nevertheless, it’s essential to be aware of sudden price swings that could change the expected direction of the token.

Why XDC Price May Surge in The Future

Tradeteq, a UK-based company focusing on private debt and real-world assets, announced the introduction of a tokenized offering involving U.S. Treasuries.

This initiative has been established on the Layer 1 blockchain, XDC Network. Notably, this strategic move aligns with the prevailing trend of changing real-world assets (RWAs) into tokenized forms.

Additionally, the concept of tokenization is rapidly gaining momentum within the digital asset space despite a recent period of decline.

This is evident in an analysis conducted by the Bank of America, highlighting the transformative possibilities associated with tokenizing RWAs, including government bonds and private equity.

Insights derived from data provided by RWA.xyz show that the demand for tokenized U.S. Treasuries has surged nearly six times to reach a total of $622 million within the current year.

XDC could gain more exposure after successfully deploying Tradeteq’s tokenized offerings.

Aside from this, the XDC Network offers developers and financial institutions a user-friendly platform for app development through its compatibility with the globally recognized payment messaging standard, ISO 20022.

Also, to enhance accessibility, they’ve unveiled the XDCPay application—a web extension compatible with several popular browsers. This innovation can potentially simplify cryptocurrency utilization for investors and businesses alike.

This unfolding development could significantly impact the valuation of XDC Network, potentially leading to increased utility and heightened exposure. As a result, some experts foresee the possibility of the token achieving a price point of $0.25 by 2030.

Wall Street Meme Crosses $25 Million In Token Presale As Exchange Listing Approaches

Having amassed over $26 million in its presale, the Wall Street Memes ($WSM) token has attracted investors’ interest as it approaches its conclusion.

Wall Street Memes has exceeded expectations by utilizing effective marketing techniques and fostering a highly active online community, setting the stage for an eagerly anticipated exchange listing in September.

The presale success of Wall Street Memes owes much of its accomplishment to effectively harnessing the engagement of a dedicated community encompassing over 1.1 million individuals worldwide.

The collective support from its vast community has played a pivotal role in swiftly reaching significant fundraising benchmarks for the project.

As the $WSM presale reaches its final phase, many community members foresee the token as a potential candidate for becoming the next sensation in the cryptocurrency market, similar to explosive meme coins like PEPE.

The team behind Wall Street Memes has expressed intentions to partner with meme creators, influencers, and content platforms to enhance the visibility of the $WSM token.

Interestingly, these objectives have naturally captured the interest of prominent influencers within the crypto community.

Notably, figures like Joe Parys Crypto, boasting an audience of more than 380,000 subscribers on YouTube, have commented that $WSM has the potential to become the “next meme coin with a 100x growth potential.”

With its well-defined strategy and enthusiastic supporter base, Wall Street Memes could be in a favorable position to align itself with these noteworthy success stories, potentially generating substantial profits for those who got in early.

Passive Income for Holders

The team behind Wall Street Memes has introduced a fresh staking mechanism that enables holders of $WSM tokens to secure yields reaching up to 80% by committing their tokens for a period.

This staking initiative is experiencing rapid growth, as evidenced by the staking dashboard of Wall Street Memes, indicating that close to 251 million $WSM tokens have already been staked.

Staking holds substantial potential for Wall Street Memes as it encourages the retention of $WSM tokens for generating passive earnings. This move is likely to enhance price stability as it prevents large-scale selling.

Significantly, Wall Street Memes’ staking rewards are anticipated to consistently hover around 100% Annual Percentage Yield (APY), setting it apart from competing projects that provide lower rates.

As expected, the integration of this staking protocol has been enthusiastically embraced by holders of $WSM tokens. They had expressed a desire for the development team to introduce a practical purpose for the token.

With a defined use case now in place for $WSM, it distinguishes itself from the multitude of meme coins that lack tangible utility. $WSM is available at $0.0337, and interested users can purchase by visiting this website.

Wall Street Memes – Next Big Crypto