ID Token Soars to All-Time High Amidst Bullish Frenzy: Is a Bearish Turn on the Horizon?

"SPACE ID (ID) market experiences intense battle between bulls and bears, but bullish power prevails as token reaches all-time high"

The SPACE ID (ID) market saw a battle between bulls and bears in the early hours of the day, with support eventually being found around the 24-hour low of $0.8295. Following this support, the bulls took control and pushed the ID price to a 24-hour high of $1.0328, which is the token’s all-time high. At the time of writing, the bullish trend was still in place, and ID was valued at $0.9577, representing a 13.59% increase. If the bullish trend continues, the next resistance levels to watch for are $1.08 and $1.15, while the support levels to monitor are $0.90 and $0.85 if negative pressure prevails.

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.

Despite the optimism, 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.

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. However, 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.

As ID’s bullish trend continues, traders should remain vigilant of potential trend reversals and consider risk management strategies. It is important to note that the views, opinions, and information shared in this price prediction are published in good faith, and readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk, and Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.

Martin Reid

Martin Reid

Leave a Replay

Scroll to Top