Why Is OAX Foundation Token Up? Price Must Close Above This Level to Continue Rally

The OAX token has caught the attention of investors with its recent price surge. Technical analysis suggests that the token’s value reached $0.5 in mid-March but experienced a sharp drop to $0.15 within a few days. However, bullish sentiment prevailed as the price found support at this level.

It is worth noting that the price recently broke through the $0.2 mark and encountered resistance at $0.25. Surprisingly, the token witnessed a significant pump, spiking by approximately 140% from $0.2 to $0.48 just two days ago.

Currently, the price is retracing, and the Fibonacci extension level at $0.31 is acting as a strong support. If the price closes above this level, we might see a potential continuation of the rally, targeting the 2.61 Fibonacci level, approximately $0.4.

The underlying reasons for this rally remain somewhat unclear, but the official X account of the OAX project hinted at the possibility of a pump. In a recent statement, they expressed enthusiasm about ending the month close to the previous all-time high (ATH). The official account tweeted, “What an amazing month it’s been for the #crypto space! While we’ve seen some corrections in the market, it’s still a great sign to end the month close to the previous ATH.

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With less than a month to go for the #Bitcoin halving event, there’s certainly a lot of eyes and excitement on the ecosystem. #Memecoins has also been on the rise – a phenomenon we’ve covered earlier in the month. Are you excited about April ’24? We certainly are! In the meantime, read our March community updates.”

As the tweet suggests, the OAX project expressed optimism about recent market trends and highlighted the upcoming Bitcoin halving event, which has garnered significant attention within the cryptocurrency community. The tweet also mentioned the rise of memecoins, a trend previously discussed by the OAX project. The project’s official account seems to be looking forward to the prospects of April ’24 while inviting readers to explore their March community updates.

The ongoing price surge of the OAX token raises questions about the sustainability of its rally. Investors and analysts will closely monitor the token’s performance to see if it can maintain its upward momentum especially if it closes above $0.3 or if a correction is imminent.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.