In another major price surge, Orca posted a significant gain today and exploded massively to a multi-week high. Facing a rejection, it halted buying and quickly lost steam, although the price remains strong daily.
Orca has been on the bulls’ radar since last month following a sudden surge near $6 on KuCoin. The daily explosion caught many traders’ and investors’ attention, but they stay on the watch as the entire crypto market continues to follow negative sentiments. It sharply dropped and slowly declined until the price reached a low of $1.7 on Wednesday.
This drop was fueled by rising supply, but the low provided support, and it initiated a buy, which now leads to a massive daily surge. It tapped $3.6 earlier today and lost steam after facing a sharp rejection. This led to a slight reduction, and the hourly chart is now weak.
On the daily chart, things are still looking good as the bulls appear to be regrouping. We can expect another surge soon. Failure to regroup above the daily high by the weekend could trigger a serious decline in the coming week, repeating the previous monthly pattern that slid the price below $2.
Looking at the bigger picture on the daily volume indicator, which reveals steady inflows in the past month, more increases can be expected as a divergence appears to be in play. Despite that, it is important to note that Orca’s bearish trajectory is still intact on the mid-term scale.
ORCA’s Key Levels To Watch
Reclaiming $3, along with the daily $3.66 high, could propel buying to $5.99. The $9.97 level is considered a key resistance for a trend shift.
Adjusting to the hourly timeframe, the bears may reclaim the $2 level. If they succeed, $1.7 and $1.36 are lower levels to watch for a breakdown.
Key Resistance Levels: $3.66, $5.99, $9.97
Key Support Levels: $2, $1.7, $1.36
- Spot Price: $2.89
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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