Key Takeaways:
- XDC token price rallied 130% since July 12.
- Will the surge continue?
- XDCNetwork subnet contributed to the rally.
YEREVAN (CoinChapter.com) – XDC, the in-house token of the Singapore-based XinFin Network, price rallied over 130% since bottoming out on July 12, and 10% of the increase was accomplished in the previous 24 hours, reaching $0.068 ahead of the New York trading hours on Aug 2. Will the rally continue?
XDC coin price rally might fizzle out
The daily chart below demonstrates that the trading volumes spiked at $200,000 on July 29 but receded in the following days, hinting that the rally could fizzle out now that some investors are withdrawing to secure their gains.
Moreover, on Aug 2, the token retested a significant resistance line that hindered XDC’s upside attempts since early 2022. Given the feeble trading volumes, a resistance conquer in the coming sessions seems unlikely. Thus, if a downward correction or a rally stall occurs, the XinFin Network (XDC) price target would stand at $0.061 before the week’s end on Aug 5.
The protocol reached record TVL.
As a result of the explosive price action, XinFin’s TVL reached a record high of $5.4 million on Aug 2.
Decentralized exchange Globiance brought in the bulk of the market cap. However, other protocols also contributed to the surge, such as XSwap, which rallied 129% in the previous month.
Why did XDC network crypto rally?
Meanwhile, the launch of the XinFin subnet was one of the triggers behind the surge. The announcement came on July 12, right along the time of the trading volume pump.
By subnet, we mean a customer can run a private blockchain and checkpoints its critical consensus data to the XDC Network (public) parent chain. This way not only is privacy preserved, but the subnet can also have its own security and resiliency besides those provided by the parent chain.
said the team in the press release.
The project also added that enterprise and institutional customers could find utility in the subnet, as they might prefer “owning their own infrastructure in a private and isolated domain.” As of Aug 2, the subnet has nearly 11,500 commits on GitHub.
