Six hours was enough for $ORCA to answer the question I asked this morning. It was 2.555 then. It is 3.096 now, up another 21.2%.
I said 2.75 would decide it, and that price above it with volume still several times normal meant buyers were not done. Price is now about 12.6% above 2.75, and volume grew from 24.3M to 36.9M USDT, 10.5 times the 7-day average. So the condition is met. Calling 2.555 the middle of a range was too cautious, because the range did not hold.
The numbers are getting extreme though. ORCA is up 53.3% in 24 hours and 92.8% in a week, while BTC added 0.45%. Hourly RSI is 79. The new weekly high is 3.233, and price sits 4.2% under it.
At this stage I care less about how high it can go and more about whether it keeps what it gained. The level I would watch now is 2.75. If ORCA stays above it while volume calms down, this looks like a real repricing. If it falls back below 2.75 on heavy selling, today was a blow-off top and a lot of late buyers are trapped above.
#Orca #DeFiRally
I said 2.75 would decide it, and that price above it with volume still several times normal meant buyers were not done. Price is now about 12.6% above 2.75, and volume grew from 24.3M to 36.9M USDT, 10.5 times the 7-day average. So the condition is met. Calling 2.555 the middle of a range was too cautious, because the range did not hold.
The numbers are getting extreme though. ORCA is up 53.3% in 24 hours and 92.8% in a week, while BTC added 0.45%. Hourly RSI is 79. The new weekly high is 3.233, and price sits 4.2% under it.
At this stage I care less about how high it can go and more about whether it keeps what it gained. The level I would watch now is 2.75. If ORCA stays above it while volume calms down, this looks like a real repricing. If it falls back below 2.75 on heavy selling, today was a blow-off top and a lot of late buyers are trapped above.
#Orca #DeFiRally
