- Orchid crypto’s trading volume soared by 2500% in 24 hours amidst strong buying pressure.
- OXT has surged by 30% over this period.
As a seasoned crypto investor with over a decade of experience in the digital asset market, I’ve seen my fair share of wild price swings and trading volume spikes. The recent surge in Orchid (OXT) has caught my attention, as it has skyrocketed by an astounding 2500% in just 24 hours!
In the last day, there’s been a significant increase in the price of Orchid (OXT) along with heightened demand. This timeframe has also seen an unprecedented spike in Orchid’s trading volume and cost.
Orchid crypto volume soars by 2500%
According to an analysis by AMBCrypto on CoinMarketCap, the trading volume for OXT surged more than 2500% over the past 24 hours. As a result, the overall trading volume reached a staggering $547.74 million.
An increase in the number of trades indicates that traders are actively buying and selling the asset. This significant surge, in turn, suggests a growing interest or demand for the asset and wider acceptance among users.
The increase we’re observing can likewise be attributed to an uptick in Open Interest. As trading volume reaches unprecedented heights, the Open Interest for OXT has peaked at a fresh all-time high.
According to Coinglass data, 24-hour Open Interest has surged to $19 million, hiking by 253.88%.
When both trading volume and Open Interest increase together, it suggests that investors are actively creating new positions, with a majority of these transactions being purchases rather than sales.
What OXT charts says
As an analyst, I’m observing a robust upward trend in OXT (Orchid) prices. Starting from a low point of $0.0768, it has surged to a peak of $0.1598. At the moment of writing this, Orchid is being traded at $0.1297, representing a significant 30% increase on daily charts.
Similarly, the altcoin has seen substantial increases on both its weekly and monthly graphs, climbing by approximately 43.15% in a week and around 75.15% over a month.
The increase, alongside growing trading activity and market participation, suggests that there’s a strong interest among investors in this particular altcoin.
The increasing enthusiasm is reflected by a surge in withdrawal volumes from cryptocurrency exchanges. As reported by IntoTheBlock, exchange withdrawals have peaked at an impressive $7.1 million.
This suggests that while the altcoin has experienced a rise, many investors are choosing to transfer their holdings into offline cold storage or personal wallets instead.
Additionally, large holders’ inflow has spiked to reach a year-high of 255.79 million OXT tokens.
This indicates that major investors are currently purchasing the altcoin, making it possible for us to understand the increase in trading activity as a result of buying sprees or accumulation.
The inflow was further supported by a rising Relative Strength Index (RSI), which has surged from a low of 56 to 7.
Maintaining current conditions, Orchid crypto might witness further increases in its price trends. Should this occur, the next notable resistance for the altcoin would be approximately $0.17.
However, if short-term holders turn to profit-taking, Orchid could drop to $0.09.
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2024-11-26 11:03