Orchid (OXT) Records a Price Upside Rebound of 4.94%

Azeez Mustapha

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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.

OXT Statistics:
Current Orchid Value: $0.0717
Orchid Market Cap: $68,888,988
OXT Circulating Supply: 979,779,108
Orchid Total Supply: 1,000,000,000
OXT CoinMarketCap Rank: 435

Key Price Levels:
Resistance: $0.0800, $0.0900, and $0.1000
Support: $0.0600, $0.0500, and $0.0400

Orchid (OXT) Records a Price Upside Rebound of 4.94%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.

Orchid (OXT) Records a Price Upside Rebound of 4.94%OXT Market Participants May Target the $0.0800 Mark

It can be seen that Orchid’s price has just broken the technical resistance at the $0.0700 mark. Likewise, price activity has risen past most of the EMA lines, while the 20- and 50-day EMA curves are converging for a bullish crossover below price movement.

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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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