In the past 24 hours, the price chart of Orchid [OXT] has shown a strong increase, and demand has also risen. During this period, Orchid's trading volume and price have also seen the strongest growth.
Orchid cryptocurrency trading volume skyrocketed by 2500%
OXT's trading volume surged by 2500% in the past 24 hours, with cumulative trading volume reaching $547.74 million.
The increase in trading volume indicates that traders are actively buying and selling. Such high growth further suggests a continuous increase in demand for the asset and rising adoption rates.
This growth is also reflected in the surge of open interest. While trading volume skyrocketed to an all-time high, OXT's open interest also surged to an all-time high.
According to Coinglass data, open interest in the last 24 hours has surged to $19 million, an increase of 253.88%.
When both trading volume and open interest rise together, it indicates that investors are opening positions, and most of these trades are purchases.
What does the OXT chart illustrate?
In this upward trend, OXT has shown a strong rise, increasing from a low of $0.0768 to a high of $0.1598. In fact, as of the time of writing this article, Orchid is trading at $0.1297 after a 30% rise on the daily chart.
Similarly, this altcoin has also achieved significant growth on the weekly and monthly charts, rising by 43.15% and 75.15%, respectively.
The continuous rise in trading volume and open interest indicates that this altcoin is highly favored by investors.
We can see this bullish sentiment through the continuously rising outflow. According to IntoTheBlock, the outflow from exchanges has surged to a high of $7.1 million.
This means that despite the surge in altcoin prices, most investors are still moving assets to cold storage or private wallets.
Additionally, the inflow of large holders has surged, reaching a record high of 255.79 million OXT tokens this year.
This indicates that large holders are actively purchasing the altcoin, and we can now interpret the surge in trading volume as buying activity or accumulation.
The rise of the Relative Strength Index (RSI) further supports the influx of funds, as the index has skyrocketed from a low of 56 to 7.
Keeping existing factors constant, the price chart of Orchid cryptocurrency may further rise. If so, this altcoin will encounter the next significant resistance level around $0.17.
However, if short-term holders turn to profit-taking, the price of Orchid may drop to $0.09.
