Amid limited overall volatility in the crypto market, XDC Network bucked the trend, surging over 14% in 24 hours and reversing a week's losses to a roughly 9% weekly gain. Market focus was primarily on the progress of the collaboration and the recovery in on-chain data.
Animoca Brands joins validator
One of the direct catalysts driving the improved sentiment was the partnership between XDC Network and Animoca Brands. The latter will participate in the network's operation as an institutional masternode validator. Shanlong James Chen, Head of XDC Network Asia, stated that this partnership will also provide financial support to on-chain developers.
From a market perspective, this collaboration has strengthened external expectations for the expansion of the XDC ecosystem and provided support for the token's short-term performance.
Transaction growth leads to an increase in the size of stablecoins.
On-chain data has also shown a synchronized improvement. XDC Explorer shows that the number of network transactions rose to 749,000 in the past two weeks. However, account growth has slowed significantly, with the average level since mid-April falling sharply and now approaching zero.
- The number of transactions rose to 749,000 in the past two weeks.
- The total market capitalization of stablecoins has increased to $118 million.
- USDC accounts for approximately 98% of the on-chain stablecoin market.
Meanwhile, the market capitalization of stablecoins on the XDC chain increased by 49% in a week, reaching $118 million, with an increase of approximately $39 million during the period. DeFi data also showed an increase. In the past 24 hours, the total value locked (TVL) on the XDC chain increased by 12.4%, rising to approximately $14.78 million. The daily DEX trading volume increased slightly by approximately $40,000 compared to the previous day, reaching approximately $356,000.
Resistance was found around $0.037.
From a price structure perspective, the XDC daily chart has broken through the previous downtrend line, indicating an improvement in the larger timeframe trend. However, after the breakout, it did not continue its upward trend but instead entered a new consolidation phase.
The 4-hour chart shows that XDC has been trading primarily within a range of $0.02890 to $0.03305 since mid-March. Earlier this month, the price attempted to break upwards but subsequently retreated back into the range. This recent breakout suggests increased short-term strength.
Some technical indicators suggest that short-term momentum improved at one point. The article mentions that the Choppiness Index fell to 42 and is still declining, which is generally considered a signal of strengthening trend momentum. The Advance/Decline Ratio rose to 8 at one point but subsequently began to fall, indicating some resistance around $0.037.
