Coin Edition -
- South Korean exchange Upbit revealed in an announcement today that it will be listing SPACE ID (ID) on its BTC market.
- The confirmation of the listing led to ID’s price surging more than 24% in the past 24 hours.
- Technical indicators suggested that ID could climb to as high as $0.4455 in the next few days.
The leading South Korean cryptocurrency exchange Upbit revealed in an announcement on its blog today that it will be listing SPACE ID (ID) on its Bitcoin (BTC) market. According to the blog post, traders will be able to trade ID within the next few hours.
The confirmation of the upcoming listing has had a positive impact on the cryptocurrency’s price over the past 24 hours of trading. During this period, ID’s price jumped more than 24%. Subsequently, the cryptocurrency was changing hands at $0.3306 at press time, according to CoinMarketCap.
The cryptocurrency’s trading volume also surged 467% throughout the past day of trading. As a result, ID’s trading volume was estimated to be more than $142 million at press time.
Notably, the altcoin had retraced from its 24-hour high of $0.3467 to trade at its current level. Despite this, the altcoin was still closer to this peak than its daily low, which was situated at $0.2537.
Daily chart for ID/USDT (Source: TradingView)
Technical indicators on ID’s daily chart were flagging bullish. This was after the cryptocurrency soared past the $0.2980 resistance level over the past 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators suggested that ID’s price will continue to rise in the next 24-48 hours.
At press time, the MACD line was positioned above the MACD Signal line after the two lines intersected in the last 24 hours. This may be indicative of ID’s positive trend continuing in the coming couple of days.
Meanwhile, the RSI line was positioned well above the RSI Simple Moving Average (SMA) line. Traders may see this as a sign that buyers are currently far stronger than sellers on ID’s daily chart. If these technical flags are validated, ID could climb to as high as $0.4455. If bears are able to tame ID’s price, then it may settle at slightly above the $0.2980 support level.
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