Before BTC managed to exceed $44,000, this altcoin shifted its direction upwards and gained over 80%. The sounds of volatility are being felt again in the crypto markets. Demand in spot markets is reviving, and altcoins are enjoying significant gains. So, what is the reason behind the rise of ID Coin? What should investors expect?
Why Is ID Coin Rising?
Space ID (ID) saw an increase of over 80% within a few hours. This exciting surge was due to the listing announcement by South Korea’s largest crypto exchange, Upbit. The announcement of the Korean won trading pair led to the assumption that demand in Asian markets would increase, which speculatively drove the price up, surpassing $0.5.
On-chain activity also played a role in the rise according to SpotOnChain. The fluctuation in RON Coin price also developed with on-chain investors moving in unison. Blockchain data shows that approximately $1.73 million worth of tokens were withdrawn from OKX. Through Amber Group, 2.45 million tokens were deposited into Binance, and network activities were tracked to an address tagged with DWF Labs.
For the past few quarters, DWF Labs has been one of the most controversial market makers and investment firms. The altcoins they support skyrocket, but experienced individuals in the field sense overly risky vibes similar to those from 3AC, Alameda. These concerns have not yet overtaken the markets, and time will tell their validity.
Additionally, Upbit owns the fifth-largest ID Coin wallet.
ID Coin Price Prediction
Popular crypto analyst CryptoNoan wrote that he became eager for a short position due to the excessively valued price after Upbit’s listing announcement. However, he does not consider the current level reasonable for short selling and plans to wait a bit longer.
“ID suddenly became the rarest coin and is now trading on MEXC with -3% funding. After the next funding reset, I plan to short it around $0.48/$0.49”.
The $0.51 region served as a key support last month at the end of May. If there are closures above this region, new peaks could be made at $0.63 and $0.77. However, the rise that appears speculative could trigger sales down to $0.36 and $0.3 if there are closures below $0.46.
