In the past seven days, the price of SpaceID token (ID) has seen a remarkable increase of nearly 120%. Many investors and market watchers were surprised by the sudden surge in value, and Lookonchain, a blockchain data analytics firm, has taken a closer look at the transactions behind this movement.

According to their report, Lookonchain found that the addresses of SpaceID and DWF Labs may be involved in pushing the price of ID higher. DWF Labs, in particular, may be acting as a market maker for the token. After receiving 5 million ID following the token's launch in March 22, DWF Labs transferred these tokens to various exchanges, including Binance, Gate, Bybit, Bitget, KuCoin and MEXC.

On April 14, DWF Labs received 7.4 million ID from Binance, coinciding with a 30% increase in the price of ID. Meanwhile, SpaceID received 20 million ID from Binance on March 30 and April 1 when the token was trading at around $0.48. SpaceID then transferred these tokens to address "0xf9fe," which, 17 hours ago, sent 20 million ID to Binance. Following this transaction, the price of ID experienced another significant increase of about 23%.

The report by Lookonchain also noted that addresses associated with SpaceID transferred a total of 51 million ID to Binance within 24 hours of the token's launch. Additionally, they transferred 20 million ID to Binance through the address "0xD8D6" but without causing any significant price swings. This transfer may have been intended to provide liquidity, concludes the report.

#ID #SPACEID #Binance #crypto #crypto2023

Bulls and bears battled for control of the SPACE ID (ID) market early in the day until support was found around the 24-hour low of $0.8295. Following this support, bulls thwarted bear efforts and drove the ID price to a 24-hour high of $1.0328, (the token’s all-time high).

As of press time, the bullish power was still in play, and ID was valued at $0.9577, a 13.59% increase. If bullish pressure maintains and this intraday high of $1.0328 is hit, the next resistance levels may be at $1.08 and $1.15; however, if negative pressure prevails, the support levels to monitor are $0.90 and $0.85.

During this recovery, ID’s market capitalization and 24-hour trading volume increased by 13.63% and 22.77%, respectively, to $273,907,326 and $749,943,314. This move indicates how traders entered the rally with a “buy the dip” mindset, taking advantage of the recent price reduction to amass more ID tokens and profit on possible future gains.

ID/USD 24-hour price chart (source: CoinMarketCap)

Despite being optimistic, the Aroon down’s recent ascent above the Aroon up’s (21.43%) shows that the present uptrend may be losing pace and a trend reversal may be coming. This action warns traders to actively watch the market and consider taking gains or using risk management methods to safeguard their holdings.

The Chaikin Money Flow reading of -0.16 supports the cautious move, suggesting a likely bearish trend and a drop in purchasing demand.

This negative CMF trend suggests that traders are likely selling off their holdings, and it may be prudent to wait for a more favorable signal before opening any new long positions.

ID/USD chart (source: TradingView)

On the ID/USD price chart, the Average Directional Index (ADX) reading of 80.61 indicates that the bullish mood is extremely strong and the trend is expected to continue in the foreseeable future, making it an excellent time to consider buying ID/USD.

When the ADX is overbought and rises over 70, it may suggest that a price correction or trend reversal is on the way. As a consequence, this score advises traders to “exercise caution” and consider using stop-loss orders to safeguard their holdings in the event of a rapid market drop.

The stochastic RSI value of 17.86 and its movement below its signal line suggest that the market is oversold, which might lead to a positive turnaround in the near future. This trend is also backed by an increase in the number of buyers entering the market, indicating that there may be a change in buyer mood.

ID/USD chart (source: TradingView)

As ID’s bullish trend continues, traders should remain vigilant of potential trend reversals and consider risk management strategies.

#ID #SPACEID #crypto2023 #crypto #Binance