XDC has risen for two consecutive trading days, rebounding from a trendline support level that had held for about two weeks. Foreign media reports suggest this rally is not a short-lived technical pullback; buying pressure continues to support the existing upward structure, and market focus has shifted to the $0.037 level.
Price breaks away from support level
The article notes that after its rebound, XDC did not remain in the support zone for an extended period but continued to move upwards. On the daily chart, the price has returned above key exponential moving averages, which typically indicates a recovery in short-term buying pressure.
Judging from the price action, the two consecutive days of gains indicate that there is still buying support near the support level. The market is currently more focused on whether this recovery can continue, rather than whether it will immediately return to the previous lows.
Whales are still increasing their holdings.
Foreign media, citing on-chain observations, reported that during the price consolidation phase, larger holding addresses continued to increase their positions. Such increases, occurring when the market direction is not yet fully clear, are often seen as a positive signal.
The article argues that large holders did not wait for a breakout before buying at higher prices, but instead positioned themselves during the consolidation phase. This gives the current rebound additional financial support, in addition to technical support.
Bulls dominate the futures market
The positioning distribution in the derivatives market also shows a similar trend. The article states that long positions currently account for about 66% of total exposure, indicating that most futures traders are still betting on prices to continue rising.
However, this data does not necessarily indicate that an upward trend will occur. It reflects more of an optimistic market outlook. If spot prices rebound, whales increase their holdings, and long positions continue to be maintained, $0.037 will become the next key level to watch.
- The trendline support has lasted for about two weeks.
- XDC rose for two consecutive trading days
- Long positions in futures account for approximately 66%.
The article also points out that the key now is whether the buying momentum can continue from the past two days. If the support structure remains intact and funds continue to flow into the bullish side, prices will continue to test the upper resistance zone.
