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- Xinfin Network’s token lost more than 11% within the past 24 hours.
- DeFi platform Tezos saw only a 5% surge within the same timeframe.
- BTC and ETH hovered near $1.1K and 20.7K, respectively.
The total cryptocurrency market cap lost $30B yesterday after regaining $125.9B following the $435B slumps. The decline had most alts trading in red at this publication, and Xinfin Network’s token led the downside.
XDC extended its ten-month-long loss that started in August last year, changing hands at $0.025. The asset has lost around 86% from the ATH, crashing from the $0.18 high and currently hovering at 16-month lows.
For now, most cryptos have their Relative Strength Index inching towards regaining the positive region, while XDC moves on the contrary direction. The indicator might dip into the oversold area soon after hovering within the bearish zones for nearly two months.
Generally, the assets should avoid that zone. However, XDC dipping inside the area could be a lucrative move as the alt needs to launch a rally. Such developments will see trend reversals, triggering upswings in XDC. Moreover, the alternative token will reclaim its 50-day MA as support, as it did in April.
Tezos Battles Bears
Tezos (XTZ) is among the few alts to counter today’s bearishness. The crypto closed with gains against the plunging markets. While publishing this content, XTZ traded at $1.16. Though it might stay far from invalidating the 42.29% drop seen this month, the token showed such possibilities.
Meanwhile, Tezos has a chance to maintain the upswing as volatility will likely reduce in the coming sessions. The Bollinger Bands converging shows a drop in price swings potentiality.
Moreover, a candle closing beyond the bias will offer the support required to climb beyond $2. Reclaiming this psychological area would also revive the faded investor confidence, attracting more inflows to XTZ.
However, bears dragged the market down within the past day. Bitcoin lost 1.84% to $20,794, whereas Ethereum’s 2.17% slide has it trading at $1,188.86 at this publication. Also, the global cryptocurrency market capitalization dropped 1.95% to $932.79 billion.