Why is Orchid Protocol (OXT) Price Pumping? The Next Price Target is $0.20, Analysts Estimate
The cryptocurrency market is known for its volatility and the potential for significant gains, and one coin that has been making waves recently is OXT. In the last 24 hours, OXT has surged by over 35%, making it one of the top gainers. The coin is currently trading at $0.068, and there’s a lot of buzz around it in the trading community.
Top-notch analyst and well-known trader, Team LAMBO, aka @TehLamboX, has noted that OXT is breaking its downtrend, with a W1 breakout happening right now. He suggests that if OXT can break above $0.75, it could potentially reach $1 today, with another bullish wave yet to come.
Famous Twitter analyst, World Of Charts, aka @WorldOfCharts1, also shares a positive outlook on OXT. According to him, OXT has finally started its upward trajectory, and in case of a successful breakout, we could see a move toward $0.20.
$Oxt
— World Of Charts (@WorldOfCharts1) August 6, 2023
Finally Started In case Of Successful Breakout Still Expecting Move Towards 0.20$✅#Crypto #Oxt #Oxtusdt https://t.co/QXxC2nCdMF pic.twitter.com/nUGBhHf0TF
Technical analysis expert, Clifton Fx, aka @clifton_ideas, has observed a falling wedge forming in OXT’s weekly timeframe. He anticipates a massive bullish wave in case of an upside breakout.
Adding to the bullish sentiment, CrytiCall, aka @cryti_call, has reported a solid +5.1% TP on OXT, with a dollar volume of $33.7K and a market cap of $60.0M.
However, despite the recent pump, if OXT wants to break into the top 200 coins per market cap (it’s currently sitting at around the 300 spot), big whales need to come into the coin. Based on our research, that’s still not happening. We anticipate a consolidation in price next week after this big pump, similar to what happened with XDC recently.
Source: CoinStats
The recent surge in OXT’s price can be attributed to several factors. First, the overall bullish sentiment in the cryptocurrency market has created a favorable environment for altcoins like OXT. Second, the technical analysis from top traders and analysts on Twitter suggests that OXT is breaking its downtrend and is on the verge of a significant breakout. These predictions have likely spurred increased buying activity. Lastly, the unique value proposition of the Orchid network, which uses OXT as a medium of exchange for its decentralized VPN services, may be attracting more users and investors, thereby driving up demand and price.
You can review our OXT price prediction here.
What is OXT Coin?
OXT is the digital currency of the Orchid network, a platform that offers affordable VPN privacy tools. As an ERC-20 token, OXT powers and secures a novel approach to VPN service, where providers compete for user payment flow by staking OXT. The total supply of OXT is fixed at one billion units, and all information about the supply of OXT and addresses where OXT is located are publicly available on the Ethereum blockchain.
OXT serves as a medium of exchange on the Orchid network, where the buying and selling of decentralized VPN services and other internet services, like bandwidth, take place. The price of OXT, like any other cryptocurrency, fluctuates based on market demand and supply rules. OXT can be staked through the Ethereum smart contract, and VPN service providers do this on this platform. OXT has been listed on popular crypto exchanges like Coinbase since December 2019, and Orchid users can buy, store, and sell Orchid tokens through this platform.
