Bitcoin marched above $77,000 and as mentioned in our previous composition, the long positions at these levels may have been cashed out. As a result, the levels have faced a small pullback, which has kept the entire crypto market under consolidation. However, one of the futuristic tokens, DRIFT, has attracted massive traders’ attention with an over 4000% rise in the trading volume in just a few hours.
The DRIFT price has spiked heavily and formed a new ATH at $2.65, followed by a small pullback defending the support at $2. Now the question arises: Can the token be sustained within the prevailing ascending trend, discovering new highs every new day? Or will the traders shift their focus away from the token and continue to just hold without inducing the required buying volume, forcing the token to remain within the sluggish range?
The buyers have displayed huge confidence in the token, as the selling pressure has been largely nominal. Therefore, there is a possibility of a bullish continuation, as the token has been defending support over the past few hours.
The short-term price action suggests the DRIFT price may be prone to some bearish action as the MACD shows a drop in the selling pressure. Moreover, the levels are preparing for a bearish crossover, which may validate a fresh descending trend. On the other hand, the stochastic RSI has reached the oversold zone, indicating a bullish rebound could be nearby. Hence, if the selling pressure escalates, the levels may reach 0.5 FIB at $1.66, which may further trigger a strong rebound, chasing new highs.
Source: https://coinpedia.org/price-analysis/traders-in-a-huge-rush-to-accumulate-drift-heres-whats-awaited-for-the-drift-price-rally/