XDC's Bullish Momentum Faces Supply Zone Resistance

XDC Network has seen a bullish move in recent days, signaling a surge of buying activity. According to CoinMarketCap, XDC had the third-highest gains among top 100 tokens by market capitalization.

The asset's total market value is $719 million, and its price structure suggests it may continue to see an upswing in the short term. However, chart analysis shows that this move is conditional, given the presence of a supply zone that has historically restricted XDC's price growth.

TradingView data shows that when XDC traded into the supply zone, there was a clear rejection with a slim candle formation. The Accumulation Distribution Indicator (ADI) also saw a slight pullback, dropping lower after trading into the zone.

Despite this, the Bull Bear Power (BBP) Indicator points to a bullish presence, with one of its strongest green bars in days. Perpetual market activity, including a growing long presence and an 18% surge in Open Interest, also supports the bullish move.