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The ORCA/USDT market saw a strong upward retracement in the previous session, leading to a 12.84% price recovery. Due to this impressive performance, ORCA has secured the second spot on the daily crypto movers list. Let’s analyze whether further gains are possible in this market.
Orca Statistics
ORCA Current Price: $3.25
Market Capitalization: $184.33M
Circulating Supply: 55.77M
Total Supply: 99.99M
CoinMarketCap Rank: 200
Key Price Levels
Resistance: $0.600, $0.800, $1.000
Support: $0.500, $0.400, $0.300
ORCA/USDT Sees Moderate Recovery
The previous session in the Orca daily market posted massive gains, causing price action to surge past the $4.00 threshold. However, it appears that the market reached a significant resistance level, leading to a subsequent retracement below $4.00.
The latest price candle on the daily chart is red but appears slightly contracted upward after testing the 100-day Moving Average (MA) lines. Meanwhile, the Stochastic Relative Strength Index (Stochastic RSI) remains in the overbought region, though the indicator lines are starting to take on a slight downward trajectory. The indicator lines are currently merged and have not yet provided a clear trend direction.
Orca Traders Target the $4.00 Price Level
On the ORCA/USDT 4-hour chart, the latest price candle is bullish, albeit relatively small. However, its position above all MA lines on the chart is significant. The $4.00 price level stands as the primary psychological resistance above the current price action.
Meanwhile, the 100-day and 200-day MA lines are converging for a crossover below the price action, which technically suggests that price action may gain the momentum needed to test the $4.00 level. Additionally, the Stochastic RSI lines are turning sideways from their previous downward path, with their terminals converging, indicating an impending bullish crossover.
Given these conditions, traders may target the $3.80 level, with the possibility of testing the $4.00 resistance in the near term.
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