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The Orchid price plunged 6% in the last 24 hours to trade at $0.1179 as of 4:30 a.m. EST on trading volume that slumped 67% to $9.3 million.
On the weekly chart, however, the token is still 10% higher and OXT has surged 37% over the past month.
This suggests that the price drop seen in the last 24 hours is a minor correction. However, the token’s price is still held back by a resistance at $0.12. OXT managed to breach this level multiple times in the last week, even reaching $0.13 on February 21.
But, as traders moved to take profit, the bearish pressure pushed the price under the $0.12 mark. Even now, OXT is not too far below this level, as it managed to find fairly strong support at $0.118.
On the positive side, Orchid recently managed to get its token listed on DeFianceSwap, which could positively impact traders and lead to growth in buying power.
.@OrchidProtocol community page is now live on https://t.co/SMDPHP97Hk. $OXT is now listed on #DeFianceSwap.
Orchid is a decentralized marketplace for bandwidth. Providers run a server that talks to a decentralized directory running on Ethereum and stake OXT in it to compete… pic.twitter.com/gpA8NpNnaN
— DeFiance.app (@DeFiance_App) February 23, 2024
Orchid Price Prognosis
Orchid price has seen a strong correction in the last 24 hours, but there is still a possibility of the token seeing a recovery in days, or maybe even hours to come. Right now, the OXT token is seeing strong volatility and is surrounded in uncertainty, as its price is responding to fundamental factors.
Instead, traders seem to be responding to technical indicators, which may suggest different things at times. For example, the token’s Bollinger bands have seen strong narrowing in the last 12 hours, which is generally seen as a bearish signal.
On the other hand, the chart above also shows that the token’s Relative Strength Index (RSI) value is fluctuating between the neutral zone and the oversold area. This suggests that traders seeking opportunities might move in to buy the dip, and in doing so, launch a recovery.
It is also worth noting that the OXT chart for the last 24 hours looks relatively similar to Bitcoin’s own chart for the same period, suggesting that the token is following the lead of a much stronger, more dominant cryptocurrency.
All of this suggests that OXT is in a very uncertain position at this point, and that its price is likely to continue fluctuating for a while longer.
For now, the resistance at $0.120 is holding it from moving further up, but if the bulls manage to push the token beyond this barrier, it could head up toward $0.125, and negate the losses seen in the last 24 hours.
Promising Alternative to Orchid
One of the most promising alternatives to Orchid right now is a popular meme coin that has been gaining massive support over the last few months known as Meme Kombat (MK). This is a project that created an innovative gaming platform designed to reward all of its participants.
The platform was created to provide something for everyone, including gamers, meme lovers, and betting enthusiasts. It regularly organizes meme battles, while the community gets a chance to bet on their favorite meme and win MK tokens if they bet on the winner.
Meme Kombat is now SOLD OUT!
We want to thank each and every one of you for taking part in the presale. More news to come soon⚔️ $MK pic.twitter.com/YmrFWknYpa
— Meme Kombat (@Meme_Kombat) February 20, 2024
However, even if you are not a fan of betting and you don’t wish to risk your tokens, you can simply stake them and earn rewards in a more passive, low-risk way.
The project’s token has been in presale for a few months now, and is preparing to list in about eleven days.
This means that right now is the last chance to buy it, while its price is still locked at $0.279. If you decide to invest, you can purchase MK tokens in exchange for ETH or USDT.
Keep in mind that there is no guarantee that the price will skyrocket upon listing, but given the amount of support and interest that the project has attracted during presale, this is something that the community strongly expects to see.
Visit MK Presale here.
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