As a seasoned analyst with over two decades of experience navigating the cryptocurrency market, I find myself cautiously optimistic about SPACE ID (ID) at present. The recent upward momentum is undeniably impressive and signals a strong bullish trend, but I remain wary of potential pitfalls on the horizon.
Recently, Space ID (ID) has seen a substantial surge in its market value. Over the last seven days, its price has risen dramatically, indicating a robust uptrend. But, be aware that using the ID token to access its price could potentially lead to a drop in the market.
Is ID Price Crash Brewing?
Last week’s distribution occasion for SPACE ID‘s digital coins signified a substantial modification in their regular quarterly plan. The blockchain verified the transaction of around 61.53 million $ID tokens, worth roughly $23.77 million, to sixty distinct team and investor wallets.
This system for releasing tokens every three months guarantees a consistent distribution of tokens to shareholders, keeping the asset circulation smooth within the system.
SPACE ID @SpaceIDProtocol 在一个半小时前链上解锁：向 60 个团队/投资人地址解锁分发了 6153 万枚 $ID ($23.77M)。
◎The team at SPACE ID and their investors unlock tokens only once per quarter;
— 余烬 (@EmberCN) September 23, 2024
Over the past 24 hours, the SPACE ID has seen subtle fluctuations in its value, indicating slight volatility. The crypto market is facing market volatility as altcoins show a sideways trend. At the time of writing, the ID price hovered at $0.3814.
Should you Sell Space ID?
Remarkably, Binance Labs has obtained a significant portion of these distributions, receiving a total of 40 million IDs across two distinct deals, both worth 20 million IDs, since June.
Up until now, Binance Labs hasn’t made any transactions involving these tokens. At present, 40% of these tokens can be accessed, while the other 60% are kept securely locked away. This implies that the market is relatively stable, reducing the possibility of a sudden drop in their value at this moment.
On the 4-hour chart for SPACE/USDT, there’s a noticeable upward trend in the current trading period, which is supported by the Moving Average Convergence Divergence (MACD) indicator showing a strong positive momentum. The MACD line crossing above the signal line implies an increasing bullish trend. Furthermore, the Relative Strength Index (RSI) has climbed over the 50 mark, suggesting that it’s currently leaning towards neutral territory.
Right now, the ID price is encountering significant opposition near the $0.4 mark. Given the current market trends and upcoming token releases, there’s a possibility that the top altcoin might fall to around $0.35. Under these conditions, it could potentially drop even lower to $0.3.
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2024-09-23 17:01