XDC Network Price Prediction: Why Bears Are Dominant
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Despite positioning itself as a leader in blockchain technologies focused in international trade and finance, the XDC Network price has continued to suffer in the markets throughout the year, with data showing a drop of 68 per cent year-to-date.
Today, the long-term bearish trend looks poised to continue, with a drop of less than a percentage point extending a four-day bearish streak. However, despite the market struggle, the platform has continued to invest in new technologies and ideas.
In their latest move, the company was able to raise $50 million from a Dubai-based global alternative investment group, LDA Capital Limited. The money will be used to accelerate the expansion and development of Layer-2 projects across the XDC ecosystem. They will also use the money to facilitate network adoption and expand the real-world utility of the platform.
XDC Network Price Prediction
As shown above, the XDC Network price has been in an aggressive bearish trend throughout the year. However, their development and continued investment in the platform point to factors beyond its control as a significant role in the current project’s decline.
One of these factors is the general cryptocurrency market, which has been aggressively bearish throughout the year. XDC Network, being significantly correlated with the industry, has seen its value dragged down by market forces.
Investors have also become more fearful and cautious with their investments due to prevailing macroeconomic factors such as inflation and the rising Fed rates. Therefore, they have cut the number of investments in risky areas such as cryptocurrencies, which has significantly impacted the XDC Network price.
On the technical side, the current bearish trend comes five days after XDC Network price hit the $0.032 resistance level but failed to break out and proceed with the bullish push. Instead, the price resumed a long-term bearish trend, which may result in the XDC price dropping and hitting the $0.022 support level. A return of the XDC price to the $0.032 resistance level will invalidate my bearish analysis.