Orchid Price Up by 6.15% – Time to Buy OXT Coin?
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The Orchid blockchain has been making corrections to its price, following the bearish turnout of the broader crypto market. While the Orchid utility token has counted losses in the last few days, the digital token’s recent rally is an opportunity for investors to buy OXT.
The privacy-centric blockchain protocol has improved, providing users with more ways to overcome internet limitations using cryptocurrency.
The crypto-powered virtual private network (VPN) is taking privacy to a whole new level as the world’s first incentivised peer-to-peer privacy network.
The Technical and fundamental factors of the asset will help us determine if this is a great time to buy OXT.
OXT Seeing Growing Bullish Backing
The crypto market is surfing bearish waves as the king crypto, Bitcoin is making price corrections below its all-time-high (ATH) of $69,000. The entire crypto market is down 0.94%, with a market cap of $2.24 trillion in recorded value.
Orchid seems to be sitting at the sidelines in the general bearish movement as the asset is trading at $0.4053, indicating a 6.15% increase in the last 24 hours. The ERC-20 toke, which dominates 0.01% of the entire market, is the 181st most valuable crypto asset by market cap.
The market valuation of Orchid is on the green side of the spectrum as OXT records an increase of 5.97%, sitting at $280 million in the last 24 hours. The 24-hour trading volume is also following suit, with a 163.95% increase and $88 million traded in the last day.
The long-term statistics indicate that the privacy-centric asset is showing strong bullish momentum. The asset has recorded a 29.50% increase in the last six months and 81.20% year-to-date (YTD). The token accrued 57.28% in the last 12 months, a confidence booster for investors looking to buy OXT.
Given Orchid’s value proposition to solve privacy concerns in blockchains, the OXT token is expected to rake in more gains and soar beyond current prices.
OXT Technical and Fundamental Analysis
OXT’s short term indicator depicts a bearish movement as the current price falls below the 20-day moving average (MA) support price of $0.44. The 200-day MA, however, reflects a strong bullish trend, as OXT trades above the indicator price of $0.38.
The 14-day Relative Strength Index (RSI) puts OXT in the underbought region with a figure of 42.32, whale, the moving average convergence and divergence (MACD) trend line depict a sell signal. These technical indicators present a good entry point for investors to buy OXT.
The Orchid blockchain is making major improvements, a fundamental basis for investors to buy OXT.
The Orchid blockchain aims to provide users with more control when using the internet with the Orchid version 0.9.35. Before this upgrade, Orchid made available the multi-hop feature for iOS/Android users who want complete control over their device’s internet connections.
However, the 0.9.35 version upgrade introduces a new circuit building interface that allows users to have access to more flexible payment methods. The update allows users to manage their connections from the circuit builder interface, which means that all VPN connections will now use a circuit with less hops.
The digital asset is set to take on more users as the utility token, OXT has been listed on Crypto.com, which happens to be the fastest-growing crypto app. Users can now trade, stake, sell and buy OXT tokens. The listing of the Orcid token on Crypto.com helps realise the asset’s goal of making online privacy accessible to all.
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