XDC rose 12.98% in the past 24 hours, reaching a price of $0.03584, with trading volume increasing to $33.42 million. After months of consolidation, the token has recently approached the upper resistance level following a rebound in buying.
Price returns to the upper limit of the range
In April and early May, buyers repeatedly held support near $0.0292. This week, demand has rebounded significantly, driving XDC to strengthen again and move closer to the upper end of its range.
As prices rose, XDC's market capitalization also increased to $736.58 million, indicating stronger capital inflows. This surge occurred after a prolonged period of sideways trading, raising market interest in whether a breakout would occur.
Open interest rose in tandem
During the upward movement, XDC open interest increased by 12.47%, reaching $5.78 million. The simultaneous rise in open interest and price usually indicates new positions entering the market, rather than just short-term fluctuations due to short covering.
The report noted that leveraged traders have increased their exposure during the recent rebound, and speculative sentiment has improved compared to previous months. Although current derivatives activity remains lower than during previous major rallies, recent signs of acceleration suggest the market is preparing for a potential breakout.
- XDC is currently trading at $0.03584.
- 24-hour trading volume was $33.42 million.
- Open interest rose to $5.78 million.
$0.0372 becomes the focus
The key level currently being watched by the market is $0.0372. XDC has encountered resistance in this area multiple times, and previous attempts to recover this year have failed to effectively break through this zone, making it a significant short-term resistance level.
If the price breaks through $0.0372, the next target could be around $0.0500. Based on the current price, this represents a potential move of approximately 35%. However, sellers may continue to exert pressure at the upper end of the range until the breakout is confirmed.
In addition, the RSI, which had been mostly in a neutral to weak range for the previous few months, rose significantly in May, reflecting an improvement in short-term momentum.
