ORCA token has experienced a 15% increase in value over the previous week due to heightened interest from the market.
Nevertheless, the impetus behind its surge has diminished, with substantial selling pressure leading to a 6.73% decrease in price within the last 24 hours.
Despite this setback, an analysis conducted by CryptoCrypto has pointed out the possibility for ORCA to recover from its current position.
ORCA Coin: Rally Potential Tied to…
The overall market sentiment for ORCA remains positive as it trades within an ascending triangular pattern, moving between clearly defined zones.
However, despite this symmetrical triangle formation, ORCA has seen a decline and is rebounding from a crucial support level that has historically prevented further downtrends.
Should this support level hold and drive a positive momentum, ORCA could potentially rally towards its next significant target of $7.5.
By analyzing technical indicators and on-chain metrics, CryptoCrypto has gained insight into the consensus of the market, shedding light on ORCA’s potential path.
Momentum on the Rise
Market dynamics were scrutinized by CryptoCrypto to determine the group with the most influence, revealing that bulls are currently in the lead.
This finding was supported by the Balance of Power (BoP) indicator, which gauges market momentum by comparing buying and selling pressures to predict potential shifts in trends.
At the time of analysis, the BoP surged to 0.52, highlighting the market’s sustained strength.
Likewise, the Relative Strength Index (RSI) broke out of its previous trendline pattern. Its earlier dip below the neutral zone triggered a market sell-off.
However, the RSI has now rebounded to 50.83, depicting a buying phase and indicating potential buying interest that could drive the asset upwards from its current position.
Investor Sentiment Turns Positive
Investors have been shifting ORCA holdings from exchange wallets to private wallets, totaling $444,650 in transfers thus far.
When assets move from exchange wallets to private wallets, it commonly signals increasing investor faith in the asset, hinting at a preference for long-term holding over immediate selling.
Concurrently, Open Interest, a metric of derivative trading activity, has seen a significant uptick. Over the last 24 hours, Open Interest rose by 14.24%, reaching $18.64 million.
Should this upward trajectory persist, it will further reinforce the positive outlook for the asset.