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Cortex Crypto (CTXC) Sees 4x Volume Spike As Price Drops By 45%, And That Means…
The Cortex cryptocurrency (CTXC) has witnessed a substantial surge in trading volume, with the metric rising fourfold compared to previous weeks. This increase in buying and selling activity comes as the price of CTXC plummeted by nearly 45% over the same period. The sharp decline in value from approximately $1.05 to $0.37 is a stark contrast to the sudden boost in trading volume.
Despite the significant downturn, some analysts have interpreted the surge in volume as an indication that investors are accumulating positions in anticipation of a potential rebound. This theory suggests that CTXC may be due for a significant price increase if this trend reversal solidifies.
According to chart analysis, the ‘order block’ at $0.25 historically served both as support and resistance. At the time of writing, it appears that the cryptocurrency’s price is approaching this zone. A modest rebound has already been observed in response to the price reaching this level, which could be indicative of a temporary floor.
While early spikes in adoption had previously led to substantial gains for CTXC, recent data suggests that market maturation and reduced responsiveness to adoption changes may have contributed to its diminished impact on the cryptocurrency’s price.
If the trend reversal maintains momentum, it is possible that the correlation between user growth and direct price incentives could decouple.
Source: ambcrypto.com
