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Orchid (OXT) has retraced slightly to trade at $0.0893 at 05:56 am EST, a 1.9% decline on its price gains in the past 24 hours.
However, its 7-day gains stand at 75.6%, showing massive trading activity for the token. Despite dropping to its all-time low value of $0.04665 on June 14, 2023, the coin has rallied 94.14% to its present price level.
Its next price moves will likely be influenced by investors’ sentiments moving forward.
What Could Be Pushing OXT Higher
#Binance Futures will launch the USDⓈ-M OXT perpetual contract at
🗓 Aug 11 2023, 12:00 (UTC)
Read more ⤵️https://t.co/K93IKbGNQT pic.twitter.com/JEuXmjQqr8
— Binance Futures (@BinanceFutures) August 10, 2023
On August 10, Binance announced the launch of a USDⓈ-M OXT perpetual contract on Binance Futures. This contract comes with 20x leverage for users.
The announcement is likely one of the factors behind OXT’s price gains in the last 7-days. Binance is the world’s largest crypto exchange, and this listing exposes OXT to numerous Binance users.
Orchid developers also announced their plans to participate in the upcoming Ethereum Foundation Devconnect slated for Istanbul, Turkey, from November 13-19.
📣 Exciting news! Orchid is headed to @EFDevconnect in Istanbul! 🌍
Dive deep into Orchid's decentralized marketplace tech with the team.
👀Exciting plans are coming together. Stay tuned!#Etherum #TheFutureIsDecentralized
— Orchid (@OrchidProtocol) August 10, 2023
This event will likely boost development within the Orchid ecosystem and bring improvement to their VPN services.
OXT Price Analysis
OXT shows signs of retracement on the daily chart as it grapples with bearish resistance at the $0.0895 price level. It found critical support at $0.0690, acting as a price pivot for further gains for the asset.
The green candles between August 8-10 showed intense bullish pressure forming higher highs on the chart. However, the red candle for August 11 has a long upper wick revealing a bullish rally and an attempt to break above the $0.0895 resistance level.
OXT is trading in an uptrend on the daily timeframe despite a slight retracement in the last 24 hours. This week’s buying pressure moved the asset above the 50-day and 200-day Simple Moving Averages (SMA), expressing a bullish sentiment.
OXT buyers aggressively moved long positions this week, causing a price and trading volume spike.
The Relative Strength Index moved into the overbought region on August 8 and maintained the buying sentiment. Its value on August 11 was 80.98, firmly in the overbought territory.
Also, the Moving Average Convergence/Divergence (MACD) is above its signal line and highly bullish. The Histogram bars confirm the bullish sentiment with the green color since August 8.
However, close observation of the RSI indicator reveals a slight retracement suggesting that buying pressure for the asset is fading, a sign of caution for traders hoping to enter new long positions. It implies that the rally might be over, and OXT is moving into a consolidation phase.
If the bulls sustain their charge, OXT will likely retrace in the short term before resuming its rally. However, OXT must close above the $0.0895 resistance level to continue on its uptrend.
Traders should consider the August 11 and 12 candles for trend confirmation.
Orchid (OXT) Alternative
While OXT shows signs of retracement, investors can take advantage of the new project primed to succeed in this meme coin season. Shibie is the new dog-themed meme coin project hoping to change the crypto investment landscape.
Riding the wave of success of Shiba Inu, Dogecoin, and other dog-themed projects, Shibie is set to reward investors who take advantage of the presales.
She embodies the spirit of tenacity, a mix between a Shibie dog and a Barbie doll drawing on their combined popularity to soar to the moon.
Shibie has a total supply of 5 billion tokens, with 60% dedicated to the presale. Also, 20% will provide liquidity in the ecosystem, while 10% is dedicated to centralized exchange listings.
5% will go to marketing and 5% to the development team, proving their belief in its success.
Shibie Presale
SHIBIE is on presale at $0.000167 per token, with $316,760 raised from its goal of $500,000 for this stage. Investors must act fast and accumulate these tokens while they are still affordable.
Investors can buy these tokens with ETH, USDT, or BNB with a minimum purchase threshold of 100 $SHIBIE tokens. According to the roadmap after the listing, the next focus will be boosting the trading volume and marketing across several channels.
Also, the developers plan to eventually tap into the AI niche with a Shibie Telegram bot for fun interaction and insights about Shibie for users. This exciting roadmap shows that Shibie is determined to be more than a meme coin and reward its early investors.
Shibie developers announced an upcoming press release on Twitter, creating anticipation among its holders. Investors should act fast since the presales have less than three days to conclude.
Also Read:
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- Early Access Presale Round
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- Staking Pool - High Dynamic APY
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