XDC price prediction is looking very bullish as the upward momentum keeps on increasing. On a higher timeframe, the coin has completed the reversal pattern, and now the bulls are targeting more upside. Our analysis reveals that there is still some room for the XDC network to grow in the coming weeks.
Altcoins are having a great week as the Bitcoin price broke above $30,000 for the first time since June 2022. This has led to a market-wide bullish sentiment as most cryptocurrencies showed a positive price action on Tuesday. XDC coin was also up 1.87% during today’s trading session and changed hands at $0.042.
XDC Network TVL Soars
XDC Network is an open-source blockchain protocol that has a delegated proof-of-stake (XDPoS) consensus mechanism. It is an enterprise-grade network with EVM compatibility and enforceable smart contracts. According to blockchain data tracker DeFi Llama, the total locked value (TVL) on the XDC network has constantly been increasing for the past six months.
This has led to a TVL increase from $368,000 in September 2022 to $4,300,000 today. This is almost a 12 folds increase in total locked value within a span of six months. The recent surge in XDC price can also be attributed to the increase in network activity.
XDC Price May Hit $0.05 Soon
Technical analysis of the XDC Network price chart shows that it has broken out of the consolidation range after months of sideways price action. The price also appears to have reclaimed the range highs signaling more strength. In the coming days, bulls can target the $0.05 level before targeting the April 2022 high of $0.069.
The $0.05 XDC price prediction comes from the confluence of the 0.618 fib retracement level and a previous lower high. If the price reclaims this level, then the next target will be $0.069, which is also a swing high and a major resistance.
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