SPACE ID (ID) price increased to $0.55 after starting its daily trading around $0.25. With this jump, the price witnessed an increase of more than 100% in 24 hours, according to CoinGecko. ID’s transaction volume increased by 3090% in the same period, clearly reflecting the interest of investors.
As we reported as Koinfinans.com, according to Spot on Chain data, the main reason for the increase in the price was the listing by Upbit exchange. Upbit, based in South Korea, cryptocurrency It is one of the exchanges frequently followed by its community.
Another reason for the rise is that market maker DWF Labs purchased $1.73 million worth of Space ID tokens from OKX. happened.
$ID price has surged ~87% after #Upbit announced to list the token!
NEWS CONTINUES BELOWOur system detected that DWF Labs (@DWFLabs)withdrew 3.62M $ID ($1.73M) from #OKX in the past 3 hours, and then quickly deposited 2.45M $ID ($1.12M) to #Binance via #AmberGroup.
In the past, both DWF Labs and… pic.twitter.com/nCdT6sJIZg
NEWS CONTINUES BELOW— Spot On Chain (@spotonchain) February 7, 2024
However, after this purchase, the market maker sent 2.45 million ID tokens to Binance.
According to the technical analysis of Bollinger Bands, the price shows high volatility. The current setup is poised to fluctuate between $0.46 and $0.49. Increasing buying pressure will trigger a movement above $0.55. Increasing selling pressure may mean a return to $0.26. Additionally, BB’s upper band touched the price of Space ID 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 could decline to initial resistance near $0.35.
If the bulls increase volume at this point, the price is ready to rise to $0.45. Failure for resistance to turn into support will cause ID to drop to the next point of interest at $0.29.
