- Orca saw a high-volume price surge that has investors and traders excited
- The price action from last year can serve as a reminder for the excited bulls about how rallies commence
As a seasoned researcher with years of experience in analyzing cryptocurrency markets, I’ve seen my fair share of sudden price surges that have left investors and traders alike exhilarated and confused. Orca [ORCA], the latest addition to this rollercoaster ride, has captured the attention of many with its recent high-volume price surge.
I, as an analyst, observed that ORCA experienced significant growth toward the end of last week. Specifically on the 19th and 20th of July, there was a remarkable surge in ORCA’s value, which amounted to an impressive 84.22% increase from $1.49 to $2.745.
Interested investors might view the current state of ORCA as noteworthy following its breakout from a prolonged downtrend. However, it’s essential to consider whether this presents a promising buying opportunity or if holders should consider cashing out based on this price surge.
Technical findings are positive
Since February, Orca’s price trend has been trending downward. However, this decline was temporarily interrupted by significant rallies in late February and April, which saw prices rise by nearly 70%. Following these gains, the downtrend continued.
It appeared that the previous price level of $1.91 for ORCA, which was reached on the 27th of June and saw lower highs following it, was significantly challenged during a session with substantial trading activity. This could be an indication of a robust price surge.
The RSI and the OBV flashed bullish signals, but the $2.77 resistance has rebuffed the bulls.
When a significant surge in volume occurs without commensurate news events, it’s unlikely that this is the start of the next upward trend.
Orca crypto traders hear echoes of “It’s a trap!”
On July 20th, the Open Interest stood at approximately $464,000. However, there was a significant increase on July 21st, with the figure rising to around $4.24 million. At the moment of writing this, the Open Interest was hovering around $1.9 million.
As a crypto investor, I’ve noticed some optimism among speculators that we might see another price surge. However, I can’t help but feel that the bulls could be in for a letdown.
Looking at the larger picture of the price graph, AMBCrypto noted that the price surge starting in October 2023 followed a four-month period where the price hovered around the $0.8 support level.
Read Orca’s [ORCA] Price Prediction 2024-25
The rally started slowly, and as it reeled in more participants, it gathered strength.
Long-term rallies typically begin with a period of consolidation following a prolonged decline. Based on current trends, Orca may require several months of sideways movement before it is poised for a strong uptrend.
Read More
- SQR PREDICTION. SQR cryptocurrency
- DOGS PREDICTION. DOGS cryptocurrency
- TON PREDICTION. TON cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
- HI PREDICTION. HI cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- EVA PREDICTION. EVA cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- CLOUD PREDICTION. CLOUD cryptocurrency
2024-07-23 03:03