Key Takeaways:
- ORBS price spiked by more than 153% since Oct 11.
- Exchange listings were the likely reason for the token’s rally.
- The uptrend helped the ORBS price invalidate a bearish technical pattern.
NEW DELHI (CoinChapter.com) — ORBS price action outpaced its rivals as the token spiked over 153% since Oct. 11 to reach a daily high near $0.0616 on Oct. 17.
The namesake native token of the blockchain platform Orbs recorded impressive gains in Oct. 2023 as its prices spiked by 168% from Oct. 2’s low of $0.023. Orbs is a blockchain platform that serves as a “decentralized backend” for existing L1 and L2 applications.
ORBS price’s recent rally likely took cues from the token’s listings on various exchanges.
On Oct. 13, Bybit introduced the ORBS/USDT contract on its platform, with leverage options from 1 to 25. Furthermore, the exchange would allow users to access the ORBS trading pair on the Bybit futures grid trading bot.
Furthermore, Seychelles-based crypto exchange OKX announced the launch of ORBS/USDT perpetual contracts, with up to 20x leverage, on its platform. Moreover, the crypto exchange BitMEX also announced the launch of ORBS perpetual contracts.
Since Oct. 15, ORBS perpetual contracts have seen liquidations of over $1.5 million of long positions, while short positions saw over $2 million worth of liquidations, per data from Coinglass.
The token’s ongoing rally likely forced the shorts to liquidate, which in turn increased the buying pressure as traders scrambled to cover their margins.
ORBS Price Paints New 2023 High
ORBS price ongoing rally helped the token paint a new 2023 high on Oct. 17, after the token spiked nearly 87% from Oct. 16’s close of $0.033. New buyers seemingly rush into the market to profit from the token’s multiple listing news.
However, the relative strength index for the ORBS token is overbought, clocking a score of 82.35 on the daily charts. Overbought RSI levels often precede a correction or consolidation phase for an asset. Hence, traders usually view the occurrence as a sell signal.
If the rally breaks down, ORBS price might drop to the support near $0.0485. A reversal could induce FUD in the market, resulting in panic selling which could force the token to test the support near $0.0387 before recovering.
On the other hand, ORBS price’s 200-day EMA (green wave) and 50-day EMA (purple wave) are on the verge of forming a bullish pattern called the golden cross, which could attract more buyers to the market. As a result, ORBS price might rally to the resistance near $0.0645.
Moreover, breaking and consolidating above the immediate resistance could help the token’s price target the resistance near $0.077 before paring gains.
ORBS Price Breaks Out Of Bearish Pattern
Meanwhile, the rally helped the ORBS price break above a bearish pattern called the “Descending Triangle.”
In detail, a descending trendline connecting swing highs and a horizontal trendline joining swing lows form the pattern. The height of the triangle’s thickest section determines the price target in a descending triangle setup.
Per the rules of technical analysis, ORBS price had a theoretical downside target near $0.0016, a drop of 92% from the pattern’s breakout level near $0.02.
Although the ORBS price has broken above the descending resistance trendline of the triangle, the token would need to paint another candle to invalidate the pattern. Otherwise, the token price’s breakout will become a fakeout and prompt more selling from market participants.
