XDC Network price has shown great strength amid a prolonged sideways price action by Bitcoin. XDC coin closed in July 2023 with astronomical gains of more than 86%. This made it one of the best-performing altcoins of the month. On a yearly basis, the coin has been up more than 155% since the start of 2023.
Currently, XDC price seems to be consolidating after breaking above a key resistance level on its chart. The price has already retraced 32% in the last five days after a rejection from a key technical level which I have mentioned below, along with my upcoming price target.
Why Is XDC Coin Pumping?
The exact reason behind the ongoing XDC network price increase is yet unknown. However, there has been an exponential increase in its TVL in the last two months. The TVL, which stood at $3.5 in June, almost doubled in August, hitting a peak of $6.75. After a pullback, the total locked value (TVL) currently stands at $5.3 million.
This TVL increase can be attributed to the similar increase in XDC price in the past two months. I don’t think there is any significant increase in the network activity. According to DeFi Llama, XSwap Protocol is currently the biggest dapp on the network with $4.09 TVL.
XDC Network Price Prediction – August 2023
The latest analysis reveals that XDC price has broken the bearish market structure on the weekly chart flipping very bullish. However, after a massive rally, I expect at least some healthy correction. In the coming weeks, I expect the price to retrace to its weekly imbalance, which is present below $0.046.
Due to the change in market structure, my XDC network price prediction is very bullish. As mentioned below, the weekly fair value gap could provide a great entry point to aim for a higher high. Currently, the price is having a pullback due to a rejection from the 0.5 fib retracement level, which lies at $0.087.
I’ll keep posting my updated XDC analysis and my personal trade setups on Twitter, where you are welcome to follow me.
