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Following the previous price contraction that occurred in the Orchid market, it appears that buyers are now starting to re-enter the market. Also, volatility has improved significantly and has positively impacted the market as price action continues towards the $0.1300 mark.
Key Orchid Statistics:
Current OXT value: $0.1237
Orchid Market Cap: $120,445,380
OXT Circulating Supply: 979,379,108 OXT
OXT Total Supply: 1,000,000,000 OXT
Orchid CoinMarketCap Ranking: 345
Key Price Levels:
Resistance: $0.1237, $0.1300, and $0.1400
Support: $0.1200, $0.1100, and $0.1000
Orchid Bulls Bounce Right Back as Volatility Improves
Price activity in the OXT daily market has gained considerable traction today as the token’s price increased by 9.52%. Nevertheless, it appears that bears are still quite present, as they have brought about some moderate contraction, as indicated by the upper and lower shadows of the session’s price candle.
Furthermore, trading activity continues to hug the uppermost limit of the Bollinger Bands. Simultaneously, the Relative Strength Index (RSI) curve continues to rise upward, indicating growing bullish momentum in the market.
Downward Forces in the OXT Market Are Resisting Progress
As soon as price action crossed below the middle limit of the Bollinger Bands indicator in the Orchid’s 4-hour market, there was a rebound, which rapidly returned trading activity above the Bollinger Bands MA line. However, the ongoing session has revealed that price action is being impeded on its upside track. Nevertheless, the Bollinger Band has an upside bias, which seems to align with the prevalent trend in the market.
The RSI lines are still trending slightly upward, with the indicator lines now traveling more closely to each other. Consequently, traders can still anticipate the upside correction to continue towards the $0.1300 mark, but with necessary precautions being put in place.
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