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The Orchid token has seen a price increase of nearly 5% so far in today’s trading activities. Nevertheless, it appears buyers still need to commit more effort in this market to regain significant control of price action. Let’s see how this may unfold in this market.
Key Price Levels:
Resistance: $0.0800, $0.0900, and $0.1000
Support: $0.0600, $0.0500, and $0.0400
Orchid Price Movement Is Trying to Gain Support Above an Important Landmark
Price action in the OXT daily market has experienced a moderate upside rebound off the support at the $0.0600 mark. Today’s trading activity has continued the market’s ambition of surpassing the 20-day Exponential Moving Average (EMA) curve. The current session can be seen popping through that indicator line.
Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines have reached deep into the overbought region. This seems to have exaggerated the magnitude of the price increase on the daily chart. Consequently, it is too early to draw bullish conclusions at this point; the price movement needs to be further examined.
OXT Market Participants May Target the $0.0800 Mark
As a result of this progress, the SRSI lines, which had a downward bearing earlier, are now converging for a bullish crossover above the 80 level of the indicator. This suggests that the market may receive more upside push, supporting the use of crypto signals targeting the $0.0750 or $0.0800 mark.
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