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Today\u2019s drop has managed to fully reverse ORCA\u2019s downtrend. However, market sentiment is still heavily depressed and this increases the risk that short-sellers could take over the price action once the hype is over.<\/p>\n
Momentum indicators in the daily chart are heavily stretched as a result of today\u2019s price surge. The Relative Strength Index (RSI) currently stands at 82 (heavily overbought) while the MACD\u2019s histogram spiked to its highest level since December, back when ORCA hit its post-election peak.<\/p>\n
Since ORCA is not necessarily moving into uncharted territory, it is not impossible that the price could move higher in the next few days to retest its December high of $8.67 per token. However, the dominant trend is bearish across the entire crypto market so this rally could be rapidly sold off.<\/p>\n
The $4.8 level is the most relevant resistance to keep an eye on in the daily chart. Another rejection of a move above this threshold could confirm a bearish short-term outlook and may provide an entry for short-sellers.<\/p>\n
If the rally is partially sold off, the returns would be astronomical in the near term. However, these short-term spikes can be accompanied by significant volatility so position sizing is critical to avoid big losses in case the outcome of the trade is unfavorable.<\/p>\n
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[ad_1] ORCA\/USD Daily Chart (Coinbase) \u2013 Source: TradingViewToday\u2019s drop has managed to fully reverse ORCA\u2019s downtrend. However, market sentiment is still heavily depressed and this increases the risk that short-sellers could take over the price action once the hype is over. Momentum indicators in the daily chart are heavily stretched as a result of today\u2019s price surge. The Relative Strength Index (RSI) currently stands at 82 (heavily overbought) while the MACD\u2019s histogram spiked to its highest level since December, back when ORCA hit its post-election peak. Since ORCA is not necessarily moving into uncharted territory, it is not impossible that the price could move higher in the next few days to retest its December high of $8.67 per token. However, the dominant trend is bearish across the entire crypto market so this rally could be rapidly sold off. The $4.8 level is the most relevant resistance to keep an eye on in the daily chart. Another rejection of a move above this threshold could confirm a bearish short-term outlook and may provide an entry for short-sellers. If the rally is partially sold off, the returns would be astronomical in the near term. However, these short-term spikes can be accompanied by significant volatility so position sizing is critical to avoid big losses in case the outcome of the trade is unfavorable. [ad_2]<\/p>\n","protected":false},"author":1,"featured_media":39730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-39729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financas"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t