After the Upbit listing, the price of SPACE ID rose to $0.55. Then it dropped to $0.49 in a short time. ID’s transaction volume on Upbit and DWF Labs was effective in this move. According to crypto analyst Victor Olanrewaju, the fact that volatility remains high indicates that the altcoin price will fall further.
Altcoin price skyrocketed with the Upbit list!
cryptokoin.comAs you follow from, in an unprecedented move, following the listing of cryptocurrency exchange Upbit, the price of SPACE ID (ID) quickly jumped to $0.55 after starting around $0.25 on the same day. According to CoinMarketCap, this jump represents an increase of more than 100% in 24 hours.
Following the price increase, it also saw a 3,090% increase in trading volume. This shows that interest in crypto money is increasing. However, at press time, the altcoin was trading at $0.50. This means participants are starting to book their profits.
Giant market maker is collecting IDs on Binance!
Meanwhile, on-chain data analysis platform SpotOnChain observed the causes of pumps and dumps. According to SpotOnChain, ID’s price rose due to the token listing on Upbit. Upbit is an exchange based in South Korea. Therefore, he implied that most of the cryptocurrency’s volume comes from the Asian region. Additionally, SpotOnChain noted that market maker DWF Labs was one of the largest buyers of ID, as it specifically pulled $1.73 million worth of tokens from OKX.
However, he also noted that DWF Labs was also involved in the dump in the same way it affected the pump. This was because the market maker sent 2.45 million IDs to Binance to sell after the price increased significantly. In this context, SpotOnChain shared the following:
After Upbit announced the listing of the token, the ID price increased by approximately 87%! Our system shows that DWF Labs (DWFLabs) withdrew 3.62 million ID ($1.73 million) from OKX in the last 3 hours and then quickly transferred 2.45 million ID ($1.12 million) to Binance via AmberGroup. ) detected that he had deposited. In the past, both DWF Labs and Upbit have been involved in aggressive pumping and dumping of various tokens. Will there be a demonstration this time?
Technical analysis: Altcoin price will continue to fall!
Analyst Victor Olanrewaju evaluated ID’s technical picture. From a technical perspective, Bollinger Bands (BB) showed high volatility around the altcoin. This means that regardless of small sideways movements between $0.46 and $0.49, significant fluctuations can occur. If the buying pressure increases, it is possible for ID to rise above $0.55. However, a very bearish scenario could drop the token price as low as $0.26.
Additionally, BB’s upper band touched ID’s price at $0.49, indicating that the token was overbought. Signals from the RSI on the 4-hour ID/USDT chart also showed the same thing. As of press time, RSI was at 88.81. If sellers continue to take profits, ID is likely to fall to the initial resistance around $0.35. If the bulls increase volume at this point, it is possible for the price to rise as high as $0.45. However, failure to turn resistance into support could cause ID to drop to the next point of interest at $0.29. For now, the altcoin price appears set for another decline.
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