XDC Network price analysis

The XDC Network (XDC) rose from $0.03 on July 11 to $0.06 on July 25, indicating a strong uptrend.
The price could correct first to the 38.2% Fibonacci retracement level of $0.05 and then to the 20-day EMA ($0.05). This is an important area to watch out for as a strong bounce will indicate that the sentiment is continuing to rise.
If the price rises from this zone, the bulls will try to continue the uptrend. A rally above the intraday high on July 27 could open the doors for a rise to $0.10. This positive view will be rejected on a break and close below the 20-day EMA.
The bulls are trying to stop the pullback at the 50-SMA on the 4-hour chart. This is a positive sign, but the flattening 20-EMA and the RSI near the midpoint suggest that the positive momentum may be weakening.
If the price drops from the current level or overhead resistance to $0.06 and breaks below the 50-SMA, it will signal the start of a deeper correction. The XDC/USDT pair could later slide towards the 50% Fibonacci retracement level near $0.05.
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