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After price action in the Orchid daily market spiked through multiple price marks in a single session on the 1st of January, bulls were beaten back, and as a result, the market quickly retreated below $0.0972. Since then, trading activities have been occurring below that mark. However, today’s trading session has shown prospects of prices advancing through this resistance, considering some signs emanating from the market.
Orchid Statistics:
Current OXT Value: $0.0961
OXT Market Cap: $95,186,105
Orchid Circulating Supply: 979,379,108
Orchid Total Supply: 1,000,000,000
OXT CoinMarketCap Ranking: 368
Key Price Levels:
Resistance: $0.0961, $0.1000, and $0.1100
Support: $0.0900, $0.0800, and $0.0700
Orchid Bulls Are Eyeing the $0.1000 Mark
As mentioned earlier, price activity in the OXT daily market has been oscillating within a fairly wide price range of $0.0972 and $0.0859. Furthermore, since the past two sessions, price activity has rebounded off a support near the $0.0860 mark. The previous session was quite profitable, pushing the token’s price through all the red sets of the Guppy Multiple Moving Average (GMMA) lines as well as some crossed green and red ones too.
Consequently, the following session followed the same path, now pushing the market further above the indicator lines. However, the ongoing sessions have witnessed some rejection, but price action in this market still stands at the advantage of extending its upside correction. The curves of the Moving Average Convergence Divergence indicator are also approaching a bullish crossover just below the equilibrium level. With the token’s price still trading above the GMMA curves, more price increases may be seen in this market.
OXT Buyers Are Keeping Their Heads Above the Wave
In the 4-hour Orchid market, a new session has begun, with price action remaining on its upside path. Although the upper shadow on the last price candle here suggests that there have been some minor downward corrections, it could be seen that the price candle still appears green. Consequently, this signals that buyers are still in control of price movements in the session.
Meanwhile, trading activity stays above the crossed GMMA lines. In addition, the MACD curves continue to journey upwards, with the leading line of the indicator crossing above the equilibrium level. Also, the appearance of the MACD bars above the equilibrium level suggests that bullish momentum is still strong in this market. At this point, it suffices to say that the market will be heading at least towards the $0.1000 mark.
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