Crypto News – In the week commencing September 11, the price of OXT crypto, the native token of the Orchid Protocol, had a bullish surge, which enabled the token to exit a bullish technical pattern known as the “Falling Wedge.”
Analysts Expect Bullish Moves to Continue as OXT Crypto Price Soars 53% on WTD
When the price oscillates between two trendlines that are falling and converging downward, a technical pattern is created. Usually, a price breakthrough to the upside results from such downward patterns. The fact that volumes typically decrease as the trendlines converge is a crucial aspect of the pattern.
The maximum separation between the upper and lower trendlines of the collapsing wedge corresponds to the breakout’s upward target. The pattern has therefore established a hypothetical price target of $0.28 for OXT, a jump of 326% from the pattern’s breakout level around $0.0657. The OXT price would need to keep rising in order to draw another green candle on the chart in order to confirm the breakout. The price of the token would be at risk of re-entering the pattern and invalidating the previous breakout if the rally fails.
OXT Crypto Pushed into Overbought Zone
OXT’s price has increased by approximately 53% from September 11 thanks to the recent bull run, reaching a daily high on September 15 above $0.0837. The surge did, however, cause OXT’s relative strength index to enter the overbought zone.
Analysts predict that if the rally fails, OXT’s price could fall to a support level of around $0.075. The Orchid Protocol token price might be forced to test the 100-day EMA (blue) and 50-day EMA (purple) support confluence near $0.0623 if the immediate support level fails.
The OXT price gain, however, might carry on to the resistance near $0.0927 if more buyers enter the market now. Since March 2023, despite numerous tries (red circles), OXT’s price has been unable to overcome its initial barrier. In order for the OXT price to target the resistance near $0.1 before falling, a break over the immediate resistance may be necessary.
About Orchid
Orchid is a VPN that runs on cryptocurrency and offers a decentralized market for network routing and anonymous communication. As the Orchid VPN is run over a network of users on the Ethereum blockchain, its users can purchase bandwidth from a global pool of service providers without leaving a data trail. Orchid is the first peer-to-peer privacy network that leverages incentives to discourage bad behavior because it uses its own native coinage, OXT.
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