OXT fell 6% as traders flocked to the GameFi Meme coin as time to buy ran out.

Orchid’s price has plummeted 6% over the past 24 hours, trading at $0.1179 as of 4:30 a.m. EST, with trading volume down 67% to $9.3 million.

However, on the weekly chart, the token is still 10% higher and OXT has surged 37% over the past month.

This suggests that the price decline seen over the past 24 hours was a minor correction. However, the token price is still held back by resistance at $0.12. OXT violated this level several times in the past week, reaching $0.13 on February 21st.

However, bearish pressure pushed the price below $0.12 as traders moved to take profits. Even now, OXT is not too far below this level as it has found quite strong support at $0.118.

On the positive side, Orchid has recently succeeded in listing its tokens on DeFianceSwap, which could have a positive impact on traders and lead to increased purchasing power.

.@OrchidProtocol The community page is currently live at https://t.co/SMDPHP97Hk. $OXT Currently listed #DeFianceSwap.

Orchid is a decentralized marketplace for bandwidth. Providers compete by operating servers that communicate with a decentralized directory running on Ethereum and investing OXT on them. pic.twitter.com/gpA8NpNnaN

— DeFiance.app (@DeFiance_App) February 23, 2024

Orchid Price Forecast

Orchid price has seen a major correction in the last 24 hours, but there is still a possibility of the token recovering in the coming days or hours. Currently, the OXT token is showing high volatility and is surrounded by uncertainty as its price is reacting to fundamental factors.

Instead, traders seem to react to technical indicators that can sometimes suggest different things. For example, the token’s Bollinger Bands have narrowed significantly over the past 12 hours, which is generally considered a bearish signal.

Meanwhile, the chart above also shows that the token’s Relative Strength Index (RSI) value is fluctuating between the neutral zone and the oversold zone. This means that traders looking for opportunities can buy dips and thereby initiate a recovery.

It is also worth noting that the chart of OXT over the past 24 hours looks relatively similar to Bitcoin’s own chart over the same period, suggesting that the token is following the lead of the much more powerful and dominant cryptocurrency. .

All of this suggests that OXT is currently in a very uncertain position and its price is likely to continue to fluctuate for some time.

As of now, the resistance at $0.120 is blocking any further upside, but if bulls push the token past this barrier, it could rise towards $0.125, negating the losses incurred over the last 24 hours.

A promising alternative to orchids

Currently, one of the most promising alternatives to Orchid is a popular meme coin that has been gaining massive support over the past few months known as Meme Kombat (MK). This is a project that has created an innovative gaming platform designed to reward all participants.

The platform was created to offer something for everyone, including gamers, meme lovers, and betting enthusiasts. The community regularly organizes meme battles, where the community bets on their favorite memes and gets the chance to win MK tokens by betting on the winner.

Meme Kombat is now sold out!

I would like to thank everyone who participated in the pre-sale. More news coming soon⚔️ $MK pic.twitter.com/YmrFWknYpa

— Meme Kombat (@Meme_Kombat) February 20, 2024

However, even if you are not a fan of betting and do not want to risk your tokens, you can simply stake your tokens and earn rewards in a more passive and lower-risk way.

The project’s tokens have been on pre-sale for several months now, and are being prepared for listing in about 11 days.

This means that now is your last chance to buy and the price is still locked at $0.279. If you decide to invest, you can purchase MK tokens in exchange for ETH or USDT.

There is no guarantee that the price will skyrocket upon listing, but given the amount of support and interest the project attracted during the pre-sale period, this is something the community is strongly anticipating.

Visit MK Presale here.

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