Key Insights:
- Xinfin Network’s native token was down by 11.16% over the last 24 hours.
- DeFi chain Tezos experienced a rally, albeit of only 5%, in the same duration.
- Bitcoin and Ethereum stood trading at $20.7k and $1.1k, respectively.
The total crypto market cap was reduced by $30 billion yesterday after recovering $125.9 billion from the $435 billion crash.
Consequently, most of the altcoins at the time of writing ended up trading in red, led by Xinfin Network’s native token.
XDC Takes a Dip
Trading at $0.025, XDC furthered its 10-month-long depreciation that began in August 2021, around the beginning of the active downtrend. Plummeting from the highs of $0.18, the altcoin has declined by 86%, and the price is currently at its 16-month low.
Currently, the Relative Strength Index (RSI) for most of the other cryptocurrencies is inching closer to reclaiming the positive zone, whereas XDC is heading in the opposite direction.
Lingering in the bearish area for almost two months now, the indicator is getting closer to slipping into the oversold zone.
Generally, that area should be avoided, but since XDC needs a kickstart to its rally, falling in might be the better idea. From there on, the trend will reverse, restarting XDC’s rise.
This would also help the altcoins reclaim the 50-day Moving Average as its support which it successfully did back in April.
Tezos Fights the Bears
Among the very few altcoins to counter the bearishness today, Tezos’ XTZ closed a 12.47% rise against the market downtrend.
Although it is nowhere near enough to invalidate the 42.29% losses it witnessed this month, trading at $1.6, the cryptocurrency certainly came closer to making that happen.
Going forward, XTZ does have the opportunity to sustain this rise and carry it on ahead as the volatility is likely going to reduce. The position of the Bollinger Bands converging hints at a decline in the possibility of a price swing.
In addition to that, the candle’s close above the bias will provide it the support it needs to keep rising ahead, gradually making its way above $2.
Being a critical psychological level, reclaiming it would also reinvigorate the investors’ lost confidence in the asset and increase the inflows for XTZ.
