Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
* Orbit chain token over the monthly chat is currently trying to find stability near short-term moving averages.
* ORC is trading at $0.093, with a volume of $309,711, and the volume-to-market cap ratio is at 0.0054.
* The major pairs of ORC/BTC are placed at 0.000005457 BTC with minor grains of -1.92%, and ORC/ETH is placed at 0.00007343 ETH, trading flat with 0.89% change.
Orbit chain token on the yearly chart is training near the short-term moving averages of 20 and 50-day moving averages. In contrast, the volume activity over at the charts is mute and needs growth for further momentum in the token price. Bulls must wait for a major pullback until ORC price fails to reclaim all major moving averages of 20, 50, 100 and 200-day moving averages. However, somehow the bulls manage to maintain support near the $0.070 to $0.072 zone.
Although the overall crypto market condition is not in favor of bulls, and somehow the buyers have to wait until major momentum is not seen in Bitcoin and Ethereum. The price of major crypto assets are now training near the 52-week lows, with no signs of further strong recovery.
Orbit chain price at a longer time frame is now consolidating near its pre-bull run levels, whereas the coin now reaches the 52-week low of $0.0700. The total market cap is $57,058,743, with intraday gains of 1.23%, and 62% of the total supply is in the market. Soon we can see positive momentum if the coin manages to hold the recent 52-week low and jumps above the short-term moving averages.
What are technical indicators suggesting?
Orbit chain token at monthly time frame is still under the strong grip of bears and now gradually recovering from its recent lows. Meanwhile, volume is also lower, falls below the average volume line, and needs a strong recovery in the future. MACD lines also reflect the mixed signals, and both lines are moving parallel. At the same time, RSI is getting stronger after testing the oversold zone and heading toward the overbought zone. Similarly, Supertrend is currently suggesting the coin is in a bearish trend, and no buy signal is reflected over the charts.
Conclusion
Looking at the charts of orbit chain tokens, it is clear that the token can soon give a good up if the overall market condition favors the bulls. Moreover, the coin must stay above its short to medium-term moving averages with good volume action. The major support is at $0.070 – $0.074, and resistance is at $0.015 and $0.018.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/11/is-orbit-chain-token-consolidation-ready-to-mature/