$XDC Network [$XDC] ranked as the day’s second‑highest gainer, even as the broader crypto market stayed flat. At press time, $XDC was up more than 14% in 24 hours, reversing its weekly loss into a 9% gain.
Fundamental and on-chain drivers of $XDC Network
$XDC’s short‑term surge was driven by its strategic partnership with Animoca Brands, a leading gaming and venture firm that will serve as an institutional masternode validator. According to Shanlong James Chen, Head of Asia at $XDC Network, the partnership brings funding support, particularly for builders on the chain.
Alongside this collaboration, network expansion was also crucial. For instance, the number of transactions in the past two weeks rose to 749K, as per $XDC Explorer. However, account growth has fallen sharply to zero from an average of 853K since mid-April.
The total stablecoin market cap on the network has also jumped by 49% in a week as of writing. It stood at $118 million, an addition of $39 million in this period. USDC dominates this cap with 98%.
The Total Value Locked (TVL) was also up by 12.40% to around $14.78 million in the past 24 hours. Its daily DEX volume was slightly higher than that of the previous day by around $40K, clocking in at about $356K.
$XDC breaks out but stalls on lower timeframes
The price charts showed the altcoin had broken out of a descending trendline pattern on the daily timeframe. Even after the breakout, the $XDC price entered a range consolidation.
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On the 4‑hour chart, $XDC has been trading between $0.02890 and $0.03305 since mid‑March. Earlier this month, an upside breakout was rejected, sending the price back into the range.
At press time, however, $XDC broke out again, with the trend appearing stronger as the Choppiness Index (CHOP) sits at 42 and declining, a signal of potential momentum.
Moreover, the Advance/Decline Ratio rose to 8, suggesting the price was moving up consistently. It has, however, started to decline as $XDC potentially forms a double top around $0.03700.
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Overall, the price action had broken out of a bearish pattern on the bigger timeframes but was still stalling on the lower ones. It’s worth noting that these lower timeframes were showing a shift in momentum to the upside, suggesting the altcoin could escape the consolidation.
Final Summary
- $XDC Network rallies 14% in a day after Animoca Brands partnership and network growth.
- $XDC was bullish on bigger timeframe charts but slow on the smaller ones, though momentum was shifting.
