In an extraordinary move, the value of SPACE ID (ID) surged to $0.55 on February 9 after the trading price began the same day around $0.25. According to the VR Soldier analysts, this surge represented over an 80% increase within 24 hours after the Upbit listing. The price surge was also followed by a 3,090% increase in trading volume, indicating that interest in the cryptocurrency soared. However, at the writing time, ID’s price was trading at $0.513, indicating that participants had begun to secure profits.
SPACE ID (ID) New Listing on Upbit
Meanwhile, we noted several reasons for the pump and dump on Spot On Chain, an on-chain data analysis platform. According to the on-chain data platform, ID’s price surged due to the token’s listing on Upbit.
Upbit is an exchange headquartered in South Korea. As such, it indicated that most of the cryptocurrency’s volume came from the Asian region. Furthermore, SpotOnChain noted that market maker DWF Labs was one of the major purchasers of ID, especially as it withdrew $1.73 million worth of the token from OKX.
$ID price has surged ~87% after #Upbit announced to list the token!
Our system detected that DWF Labs (@DWFLabs) withdrew 3.62M $ID ($1.73M) from #OKX in the past 3 hours, and then quickly deposited 2.45M $ID ($1.12M) to #Binance via #AmberGroup.
In the past, both DWF Labs and… pic.twitter.com/nCdT6sJIZg
— Spot On Chain (@spotonchain) February 7, 2024
However, the post by Spot on Chain also noted that DWF Labs was also involved in the dump, the same way it influenced the surge. This was because the market maker sent 2.45 million ID to Binance in an attempt to sell after the price increased significantly.
ID Price Analysis
From a technical perspective, the Bollinger Bands (BB) showed high volatility around the cryptocurrency. This suggests that notable fluctuations could still occur despite the minor movements between $0.46 and $0.51. If purchasing pressure increases, ID might rise above $0.55. However, a highly bearish scenario could drive the token’s price as low as $0.26.
Furthermore, the upper band of the BB had touched ID’s price at $0.49, indicating the token was overbought. Signals from the RSI on the 4-hour ID/USDT chart also indicated a similar trend. At press time, the RSI was 88.81. If sellers continue to secure profits, ID might fall to the first resistance, which was around $0.35.
If bulls increase volume at this point, the price might recover to $0.45. However, failure to turn the resistance into support could see ID drop to $0.29, which was the next point of interest. As of press time, ID’s price looks set for another decrease.
About Space ID
Space ID is a blockchain project on the BNB Chain network aimed at managing domains, much like ENS on Ethereum. Using this platform, you can create, buy, and sell domains in the BNB format. Additionally, it offers an SDK for development, an API, and support for several different blockchains for interaction. ID is the native token of the Space ID ecosystem, the functionality of which is to carry out bets, payments, and management.
