3 months ago
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Orchid (OTX) stole the show over the past day with a massive uptick in prices and trading volumes.
Coinglass data shows Orchid’s daily volume mushroomed from $15.66 million to $547.74 million within 24 hours.
Source – CoinglassThat translated to a remarkable 3,397.96% jump.
OXT prices soared to $0.12 amidst the developments, exploring levels never touched since early April 2024.
The surged trading volume reflects magnified activity from buyers and sellers.
It also signals increased OXT popularity among cryptocurrency enthusiasts.
Moreover, Open Interest reflected optimism with a 250% uptick to ATHs of $19 million.
Broad market crash limits OXT’s upside
While the surged trading volume and open interest signaled massive buyer interest, Orchid’s upside was short-lived.
The ongoing crypto market dip saw OXT investors resorting to profit-booking, catalyzing bearish price actions.
Digital assets traded in the red today as Bitcoin paused its $100K pursuit with a significant plunge below $95K.
OXT’s futures open interest has plummeted from recent all-time highs to $11.26 million at press time.
Also, the daily trading volume has crashed to press time levels of $147.14 million, underscoring robust bearishness.
The sudden shift in dynamics sent Orchid’s price 9% down on its daily chart.
The altcoin trades at $0.1075 during this writing, indicating continued weakness in the coming sessions.
Source – CoinmarketcapContinued bearishness could slump OXT towards the support level at $0.09 – a 19.44% dip from current values.
OXT’s performance underscores broad market influence in individual token performance.
The altcoin switched from massive bullishness to bearishness following Bitcoin’s sudden slide.
Thus, Orchid will likely extend its bearish performance, with broad market sentiments crucial in determining its next move.
Nonetheless, the recent explosion in Orchid’s trading volume and open interest established the token as the most popular in the market.
That positions OXT for robust recoveries amid broad market rallies, which analysts expect after the prevailing dips.
Why today’s crash? Market chaos drives crypto prices down
Cryptocurrencies face turmoil with relentless price dips.
Meanwhile, analysts have highlighted market chaos, brewing from sudsy market behavior, hype-centered trading, and scams.
Confidence in digital assets has deteriorated following events such as open rug pulls from live streamers and pump-and-dump patterns.
For instance, a GenZ trader created and dumped his $QUANT tokens, netting $30K in profits.
While crypto enthusiasts rallied to thwart the scam, subsequent events, such as a victim stealing the scammer’s pet, saw cryptos losing appeal to potential investors.
Moreover, Pump.fun faced criticism for promoting illegal crypto activities as enthusiasts prioritize transparency and quality over speculative hype and excitement.
Nevertheless, experts remain confident about the market, predicting explosive uptrends after ongoing dips – usual after prolonged surges.
Mister Crypto anticipates a full-swing altcoin season in Q1 2025 after Bitcoin’s Q4 dominance.
Q4 is #Bitcoin season, but Q1 is altcoin season.
Meanwhile, OXT will likely remain on investor radar following its recent wild performance.
Increased demand and popularity among crypto traders will see Orchid flying to record highs during the much-awaited alt season.
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