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The Drift Protocol price has soared 281% in the past week and 13% in the last 24 hours to trade at $1.67 as of 7:45 p.m. EST on a 23% pump in trading volume to $1.82 billion.
The DRIFT price surge was sparked by its listing on the the Upbit crypto exchange and the launch of DRIFT futures on Binance, which offer up to 75x leverage.
Drift (DRIFT) Market Support
✅ Supported Market: KRW, BTC, USDT Market
📅 Trading opens at: 2024-11-08 18:00 KST (estimated time)
🔗 Discover more: https://t.co/6aYlc3ZKl6 #Upbit #DRIFT pic.twitter.com/G1iJpk2mZf— Upbit Korea (@Official_Upbit) November 8, 2024
This dual listing has increased visibility and trading activity, drawing in retail and institutional investors. Traders can now trade DRIFT against the South Korean won (KRW), Bitcoin (BTC), and USDT on Upbit.
Drift Protocol Price Spikes In Sharp Bullish Candles
The daily Drift Protocol (DRIFT/USDT) price action shows a strong bullish breakout following a prolonged consolidation phase. According to data from GeckoTerminal, for several months, the DRIFT price was confined to a narrow range, oscillating between approximately $0.25 and $0.50. This consolidation zone likely represented a period of accumulation, where buying and selling pressures were balanced, keeping the price stable.
DRIFTUSDT Analysis Source: Tradingview
A breakout occurred around the $0.50 level, which triggered a rapid upward movement as buying interest intensified. This breakout led DRIFT to soar past $1.00, indicating strong bullish momentum. The price action formed a parabolic curve, highlighting an accelerated trend driven by intense buying pressure.
This parabolic move took DRIFT to a high of approximately $2.00, a significant rise from the consolidation level, showing the current trend’s strength.
Additionally, the 50-day and 200-day moving averages around $0.6083 are well below the current price, indicating a strong bullish trend and reflecting how quickly DRIFT has deviated from its historical price levels.
The Relative Strength Index (RSI) trades at 82.53, placing it well into overbought territory above the 70 threshold. This indicates that the Drift Protocol price may experience a pullback or consolidation if buying momentum weakens.
Drift Protocol price has surged from its consolidation zone near $0.50 to a recent high of about $2.80, driven by heightened demand and trading interest. Increased momentum could help the bulls catapult the price higher to the $3.5 zone.
However, the parabolic curve and overbought RSI suggest caution, as a correction or consolidation may be likely if the current buying momentum slows down.
Flockerz Presale Closes On $1.5 Million – Next Crypto To Explode?
Meanwhile, investors looking for other cryptos with the potential to explode might take a look at Flockerz (FLOCK), a vote-to-earn (V2E) project that has already raised about $1.37 million in its presale.
Flockerz brings a unique approach to meme coins by incentivizing its community, known as “The Flock,” to shape the project’s future.
At the core of Flockerz is FlockTopia, a platform where every token holder has a voice. Through the innovative V2E system, token holders earn FLOCK rewards simply by voting on decisions.
VoteBae cooks up only the most delicious meals for the flock 🤑🐦 pic.twitter.com/s4l9B23X1Z
— Flockerz (@FlockerzToken) November 9, 2024
Beyond V2E rewards, FLOCK offers a mouth-watering annual return of 1,258% for staking its tokens.
Influential YouTube channel 99Bitcoins, with over 706K subscribers, says that FLOCK could achieve 100x growth after its launch.
You can join the presale by purchasing FLOCK tokens on the official website for $0.005981 each using BNB, ETH, USDT, or a bank card. Buy before a price hike in less than 2 days to snare the best deal.
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