From September 23 to October 3, the orchid market entered a period of consolidation. The consolidation period was characterized by consecutive spinning top candlestick patterns appearing between September 26th and October 1st. But from October 6-12, the market started to move slightly in favor of the sellers as they started to gain the upper hand.
Orchid market price statistics:
- Current OXT/USD price: $0.1084
- OXT/Market cap in USD: $75,194,219
- OXT/USD outstanding supply: 690,690,083.77
- Total supply OXT/USD: 1,000,000,000
- OXT/USD Coin Market Ranking: #274
- Resistance: $0.1150, $0.1200, $0.1250
- Support: $0.9500, $0.9000, $0.8500
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Orchid market price analysis: the point of view of the indicators
The market took a new turn when the price formed a support level at $0.0924 on October 13. The general trading volume started to increase every day. And more traders are willing to buy than to sell. The trading session for the market yesterday was very volatile as the fight between bulls and bears was very tough, however, the bulls won.
The wild pull and push of the market caused the Bollinger Bands to widen. Initially after the consolidation period, and as the market moved slightly in favor of the sellers, both bands of the indicator compressed against the price action. But as trading volume increases on October 14, the upper and lower bands begin to widen.
ORX/USD 4-Hour Chart Outlook
In this 4-hour chart, we see the RSI line slightly crossing the threshold of overbought territory (measuring 70.97%). And the candle that represents the third session of today’s market shows high volatility. However, more traders are willing to buy than to sell. But with price action reaching overbought and market volatility increasing, the likelihood of a trend reversal increases.
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