Upbit listed two trading pairs on Thursday, and even if the overall crypto market tried to recover from the bearish sentiment experienced by investors last week, it led to a sharp rise.
Chinese reporter Colin Wu said on Twitter that the South Korean cryptocurrency exchange has added KRW/ALGO (South Korean won/Algorand) and BTC/AUDIO (Bitcoin and Audius), directly linking the listing to the sharp increase in the price of ALGO.
“On November 18th, the Korean exchange Upbit announced that it had joined KRW/ALGO, causing ALGO to rise by 35% within an hour,” Wu said in the announcement. tweet.
Algoran Transformation Very bullish After listing, a single 5-minute candle rose by more than 55.97%. It was followed by another green 5-minute candle, which rose from a low price of $2.44 to a high of $2.989.
However, the subsequent 5-minute candlestick chart shows that the bears are pulling the token lower, and 6 consecutive bearish red candles appear on the 5-minute chart.According to the information CoinmarketCap, As of 3:42 am Eastern Time, the daily candle opening price of ALGO/USDT was 1.65 USD, as low as 1.64 USD, followed by the daily high of 2.99 USD.
ALGO/USDT 5-minute price chart
Photo: https://www.tradingview.com/
This triggered a sell-off Trader Who took advantage of the high price. The transaction volume increased by 406.85%, and the over-the-counter market value increased by 14.43%.
Due to the listing news resulting in a 1,073% increase in trading volume and a 15.99% increase in market value
In the 5-minute chart, the Audius price shown on one candle rose by 56%. However, there followed a sell-off. This bullish 5-minute candle opened at $2.32, reached a daily high of $4.14, and dropped to $3.6 at the close of the candle.
AUDIO/USDT 5-minute price chart
Photo: https://www.tradingview.com/
EverGrowCoin (EGC) also experienced similar fluctuations after listing Bit market And ZT exchange on Wednesday, causing the price to soar by more than 100%. The token opened at 0.000001350 USD, reached a daily high of 0.000005999 USD, and closed at 0.000002396 USD.
Photo: Pexels
