Further decline to new low expected

Despite positive developments within the network ecosystem, the XinFin Network price prediction continues to tilt towards the bearish side of the stick. That’s when the XDC/USDT pair posted a loss of 2.33% on the day, marking three consecutive days of losses.

The XinFin network’s entry into the NFT space happened earlier this month when the project launched its NFT marketplace known as XDCNFT. The project is also dipping into the motorsport arena to provide its suite of non-fungible tokens that will figure prominently in the market.

XinFin is also sponsoring a global online hackathon which kicked off on Wednesday, May 25. The hackathon comes with $50,000 prizes to those who design dApps for the XDC network blockchain. Prizes will be paid in XDC crypto.

However, the lack of bullish sentiment in the crypto market is the main market trigger. XinFin price predictions and those of other cryptos currently do not meet the fundamental triggers inherent in each network.

Technically speaking, the intraday decline is part of the expected bearish continuation move that followed the breakout of the descending triangle on May 23rd. The May 23rd daily candle failed to reach the required closing penetration percentage below the triangle boundary for price filter confirmation.

The close of the next May 24 candle below this boundary provided the time filter confirmation for this move, resulting in three consecutive days of moving south. The XinFin Network price prediction favors a continuation of this move to its completion point at the May 12 candle low, which saw a strong rejection on the said date.

XinFin Network Price Prediction

The breakdown of the descending triangle on the daily chart of XDC/USDT should end at the price mark of 0.03438128. This is the site of a previous low from May 12, 2022. As it stands, there is no impediment for the bears to reach this price level. If this support gives way to further downside pressure, the Fibonacci Extension levels could show new support levels at 0.03367406 (100% extension) or the 127.2% Fibonacci Extension point found at 0.02935171.

On the other hand, the bulls need to protect the support at the price level of 0.03438128 to give a chance to reach the resistance at 0.04147243. This is where the lower border of the broken triangle comes in, acting in the reversal of roles as a new resistance. Above this level, a new advance has targets available at 0.04595052 (8th March 2022 low) and at the price level of 0.04980513 (5th and 16th March low). An additional target to the north is at the price level of 0.05386307, where the March 18th high is located.

XDC/USDT: Daily Chart