XDC Network jumps 27% since Apr 28 on bullish cues

Key Takeaways:

XDC Network prices jumped nearly 27% on back of bullish cues.
News of Panama adopting XDC as legal tender and launch of NFT marketplace are propelling prices.

XDC network's native token XDC jumped 27% in just three days. Image from freepik and Xinfin website — XDC network’s native token XDC jumped 27% in just three days. Image from freepik and Xinfin website

NEW DELHI (CoinChapter.com) — The XDC Network’s (formerly Xinfin Network) native token XDC jumped more than 27% since Apr 28, going from Thursday’s low of $0.0535 to reaching an intraday high of $0.0681 on Apr 30.

The token took bullish cues from the launch of its NFT marketplace on Apr 28. Dubbed the XDCNFT Marketplace, the platform would run on the XinFin blockchain ecosystem. Xinfin Network has partnered with BlocksWorkz to launch the NFT marketplace.

BlocksWorkz is a London-based firm that specializes in the designing and launching of NFT projects. The launch of the marketplace added bullish cues to XDC prices, as Xinfin’s NFT marketplace would accept only XDC tokens or BlocksWorkz’s native token BLKZ.

🚨XDCNFT Marketplace Is Now LIVE and Open! Congrats to #BlocksWorkz Team !!! $BLKZ is the native token. #XDCNFT is built on #XDC Network. The best alternative to #opensea #NFT Marketplace ⚡ – Use XDCPay App & pay with #BLKZ or $XDC coins at #xdcnft : https://t.co/uUYE2gopul
— euromandriver 🪙 Best Invest XDC (@BestInvest_XDC) April 28, 2022

As a result, everyone using XDCNFT would need XDC tokens for the purchase or sale of NFTs on the platform. Additionally, the increase in XDC users would result in increased transactions on the XRC-20 network.

XinFin’s NFT marketplace would have a transaction cost of 1%. Moreover, XDCNFT has partnered with the Motorsports industry of Britain to bring motorsports-based NFTs.

Panama Passes Crypto Law

In other news, Panama’s National Assembly has approved a bill that would help regulate the use of Bitcoin and eight other cryptocurrencies while approving their use for paying taxes and private transactions.

Also Read: NEXO prices jump 70% intraday on news of Binance listing.

The bill now awaits the signature of Panama’s president, Laurentino Cortizo. Panamanian lawmaker Gabriel Silva stated the new law would help Panama become a “hub of innovation and technology in Latin America.”

Aprobada la Ley de Crypto de Panamá! Esto ayudará a que Panamá se vaya consolidando como hub de innovación y tecnología de America Latina!

Crypto Law approved in third debate! This will help Panama become a hub of innovation and technology in Latin America!
— Gabriel Silva (@gabrielsilva8_7) April 28, 2022

The bill paves way for citizens, banks, and legal entities to use several cryptocurrencies as a means of payment “without limitation.”

The list of cryptocurrencies includes Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LITE), XDC Network (XDC), Elrond (EGLD), Stellar (XLM), IOTA, and Algorand (ALGO). Moreover, the bill also permits the “tokenization of precious metals and other goods.”

Additionally, the bill said Panama would launch a digital wallet, similar to El Salvador’s Chivo app. It will be some time before the bill becomes a law, but the extent of adoption by the country’s citizens remains to be seen.

XDC Price Charts

The bullish cues pushed XDC prices to reach an intraday high of $0.0681 before bears moved to book profits. XinFin’s recent uptrend pushed its prices to immediate resistance near $0.069, which rebuffed the uptrend.

Also Read: STEPN (GMT) falls 16% in two days after charting new ATH.

XDC would need to flip above immediate resistance to infuse confidence in its uptrend. After moving above $0.069, XDC prices would challenge resistance from its 200-day MA (green wave) near $0.733. Finally, a sustained uptrend might see XDC rise to $0.077 before retreating.

Meanwhile, trend-based momentum oscillator MACD charted a bullish crossover for the XDC token.

XDC Network, XDC Network jumps 27% since Apr 28 on bullish cues — XDCUSD daily chart with MACD. Source: Tradingview.com

In detail, a bullish crossover occurs when the MACD line (difference of 12-day and 26-day EMA) moves above the MACD signal line (9-day EMA of MACD). As a result, traders usually consider the chart pattern a buy signal, helping boost the asset’s prices.

Conversely, if bears continue to sell, XDC prices could fall to support near $0.0632. If XDC prices fall below immediate support, the resulting downtrend might see the token test support at $0.061.

Finally, the XDC token has support from a confluence of 20-day MA (red wave), 50-day MA (yellow wave), and 100-day MA (purple wave) near $0.0565.

At the time of writing, XDC was trading at $0.0643, down 0.11% on the day.