- Cortex’s volume surged as its price dropped by over 54% on the charts
- If the trend reversal solidifies itself, CTXC could see a breakout
As a seasoned analyst with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the recent developments surrounding Cortex (CTXC). The sharp increase in trading volume despite the significant price drop is indeed an interesting paradox, hinting at accumulative activities by traders.
The trading activity for the cryptocurrency Cortex (CTXC) saw a dramatic increase, yet its own value dropped substantially on the graphs. Interestingly, the surge in CTXC’s trading volume was approximately four times greater than what was observed in past weeks. This increase coincided with a steep price drop from roughly $1.05 to nearly $0.37, representing a decline of around 45%.
Historically, the ‘order block’ set by CTXC at $0.25 has served as a point of both support and resistance. Currently, it appears that the price is nearing this level. This area seems to be causing a slight rebound, hinting at some reluctance for further price drops based on the chart analysis.
Even though prices are falling (bearish trend), the increase in trading volume suggests that traders are buying more (accumulating) in expectation of future value.
The MACD signal suggested a tightening and imminent bullish intersection, indicating a potential increase in price movement. If this predicted reversal materializes, there’s a chance that CTXC might experience a surge.
If CTXC manages to stay above the $0.40 resistance point, it might indicate the key region for a possible rally. This could potentially lead to a larger-scale recuperation.
Profitability at break even price
41.19% of the addresses associated with CTXC earned profits, as they initially invested at a price lower than their break-even point, which was $0.385250.
Instead, it’s important to note that a significant majority (about 57.19%) of the addresses incurred losses when prices reached $0.40 or higher up to $0.50. The most substantial losses were observed within this range. On the other hand, only a tiny fraction (1.61%) of these addresses broke even, suggesting limited trading activity.
In simpler terms, the price action of CTXC in the future might revolve around certain price levels because investors who have suffered losses may choose to offload their holdings if the price nears where they initially bought, which could limit any significant price increases.
On the other hand, prolonged increases in value could transform more locations into profitable ones, leading to a more optimistic outlook among participants in the Cortex market.
CTCX new adoption rate
In May 2018, the rate at which Cortex was being adopted significantly increased, almost hitting 50%. This surge coincided with a peak in its price around $0.30. This trend suggested that high adoption rates had previously caused price increases, although this correlation weakened as time went on.
2019 and 2020 saw increases in adoption, which had a similar, though less pronounced, effect on the asset’s price. This suggests that the price response to new waves of adoption may have been decreasing.
By 2024, the adoption rate has leveled off at approximately 8.97%, which is significantly less than its peak levels. Moreover, this rate hasn’t led to significant price fluctuations since the price has remained relatively stable at about $0.80.
It seems that the initial bursts in adoption greatly affected the cost of Cortex in the beginning, but this impact appears to have weakened over time. This could be because the market is maturing or perhaps because there’s less reaction to changes in adoption rates.
If the pace of adoption keeps accelerating, it seems that the connection between new adoption and price changes may weaken significantly in the future. This could indicate a shift, suggesting that user growth might no longer be directly influenced by price adjustments.
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2024-12-17 10:15