The cryptocurrency market is once again experiencing a wave of activity with ID Coin’s value increasing sharply, over 80%, in a short span. The upward trend for this altcoin coincides with a broader market upturn, marked by BTC’s push past $44,000. ID Coin’s spike is drawing investor interest and raising questions about its sudden market performance.
ID Coin’s Value Surge Explained
The primary catalyst for ID Coin’s price hike appears to be the listing on Upbit, South Korea’s top cryptocurrency exchange. The inclusion of a Korean won trading pair is believed to stimulate demand from Asian investors, which likely contributed to the coin’s rapid price increment crossing the $0.5 threshold. Additionally, significant on-chain movements, including a large withdrawal from OKX and deposits into Binance, were also observed, hinting at heightened trading activities related to ID Coin.
Market dynamics are further influenced by the activities of DWF Labs, a market maker known for its controversial yet impactful backing of altcoins. The firm’s involvement often leads to soaring altcoin values, but skepticism among market veterans remains, drawing parallels with past high-risk ventures. Despite this, the market’s reaction has been predominantly positive, as evidenced by ID Coin’s current performance.
Upbit’s significant ownership of ID Coin wallets further suggests the exchange’s vested interest in the coin’s market trajectory.
Market Analysts Weigh In on ID Coin’s Future
Prominent crypto analyst CryptoNoan acknowledges the temptation to take a short position on ID Coin, given its steep valuation post-listing. However, he advocates patience, deeming the current level as unsuitable for initiating a short sale. He proposes a strategy to short sell around the $0.48 to $0.49 mark post funding reset.
Technical analysis indicates that ID Coin’s price movement could set new highs if it maintains support above the $0.51 mark, with potential targets at $0.63 and $0.77. Nonetheless, the analyst warns of potential sell-offs that could plummet prices to $0.36 and $0.3 if the coin closes below $0.46, highlighting the speculative nature of the current surge.