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Cortex crypto – CTXC sees 4x volume spike as price drops by 45% and that means…
A dramatic 45% price drop was not enough to dampen the enthusiasm of Cortex (CTXC) traders, as trading volume surged fourfold compared to previous weeks. This sudden influx in buying activity could be a sign that investors are preparing for a potential rebound.
The data from Trading View reveals a stark contrast between CTXC’s current performance and its past behavior. The crypto asset saw its price plummet from approximately $1.05 to near $0.37, indicating a significant drop of around 45%. Despite this bearish trend, the trading volume witnessed an unprecedented surge, rising by a factor of four compared to recent weeks.
This sudden spike in buying activity could be seen as traders anticipating potential value and accumulating the asset at its current discounted price. A close examination of the MACD indicator reveals a potential bullish crossover, hinting that upward momentum may not be far behind.
If this trend reversal solidifies itself, it is possible that CTXC could see a breakout. However, the real question on everyone’s mind remains – where can we expect such a turnaround? Historical data suggests that any price movements above $0.40 could signal the start of a more significant recovery.
It is worth noting that Cortex’s new adoption rate has been steadily declining since its peak in May 2018. At this point, it sits at around 8.97%, significantly lower than its previous highs. This trend may indicate that market maturation and reduced responsiveness to adoption changes could be contributing factors for the stagnation of the crypto asset.
In conclusion, a potential breakout above $0.40 could mark the beginning of a new era for CTXC. As investors, we must remain vigilant and keep a close eye on any developments that may affect this trajectory.
Source: ambcrypto.com
