YGG Coin and OXT Coin Soar on Binance: What's Behind the Rally? - COINTURK NEWS
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YGG Coin and OXT Coin Soar on Binance: What’s Behind the Rally?

11:13 am (58 days ago)
August 6, 2023

Two altcoins on the Binance exchange experienced significant price increases today. But what caused this surge? The rally continues for YGG Coin and OXT, despite the overall negative market sentiment. Investors of these two popular cryptocurrencies have made substantial profits. Now let’s examine the possible price targets for these two altcoins.

Why is YGG Coin Surging?

YGG was listed on Binance Futures. Additionally, a new step that enhances sustainability and strength was announced for the token on August 4th. Following this move, the price started to rise, and at the time of writing, YGG Coin is trading at $0.49 with over 200% monthly gains. Its daily gain on the Binance exchange stands at 72.48%.

As long as the price of YGG Coin remains above $0.488, it could test the $1 target. The current interest indicates that the psychological resistance could be targeted in the coming days. In markets with declining volume, cryptocurrencies that show positive divergence like this can attract greater attention.

YGG Coin could reach $1 again in a year. For now, half of the loss following the previous peak has been recovered. YGG Coin is currently trading at levels seen on August 30, 2022.

Analysis of OXT Coin

The second altcoin to continue its rally on Binance exchange today is Orchid (OXT). This popular altcoin is still experiencing 34% increases with a price of $0.06785. OXT Coin, currently the second highest gainer of the day on Binance exchange, has reached a volume of $40 million. This corresponds to a 2200% volume increase in the last 24 hours. Shrinking liquidity allows altcoins to start impressive rallies with a few million dollars. Speculative traders are showing interest in altcoins that have had weak volume and have been trading sideways for a long time.

The price, which reached $0.074 today, has retraced slightly. However, if the $0.0684 region can be maintained, the resistance levels at $0.079 and $0.092 could be tested. On the other hand, the $0.054 level appears to be a possible support in the opposite scenario.

It is advisable for investors to be much more cautious against price movements triggered by speculators. Such rallies can quickly pull down the price with large-volume sales similar to purchases.

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