Why Space ID Is the Token to Buy In 2024?

The post Why Space ID Is the Token to Buy In 2024? appeared first on Coinpedia Fintech News

SPACE ID is a universal name service network with a single-stop identity platform. With Space ID, users can discover, register, trade, and manage web3 domains. As the web3 community grows and global adoption skyrockets, Space ID’s use case makes it a token to watch out for in the next bull run. 

With a market cap of $330 million, the SPACE ID token is sustaining dominance above the $0.40 mark. Over the past 24 hours, it has risen more than 10% and boosted by almost 900 percent in 24H trading volume, reaching $107 million.

With this newfound surge in trading volume and a breakout run, will Space ID reach the $1 mark?

SPACE ID Gives Triangle Breakout

Despite more than 500% gains in early 2024, ranging from $0.27 to $1.72, the SPACE ID token experienced a bearish reversal. Losing most of its bull run gains, the correction phase dropped the ID token price to $0.31. 

Amid the bearish phase, the ID token revealed a consolidation phase between $0.64 and $0.85. These levels align with the 23.60% and 38.20% Fibonacci levels. 

However, the consolidation range breakdown took support at $0.31 while taking resistance from the 50-day EMA. Further, the Space ID token revealed a declining triangle pattern in the short-term price action. 

Tradingview

Nevertheless, with a double-bottom reversal, the Space ID token shows a breakout rally, surpassing the 50-day EMA. Currently, it is trading at $0.42, with a gain of 8.97%. 

Technical Indicators:

MACD: The MACD indicator shows a bullish trend in the MACD and signal line, with a surge in positive histograms. 

EMA: A declining trend in the 200-day EMA teases a bullish crossover with an uptick in the 50-day EMA.

Will ID Price Hit $1?

Over the past ten days, it has increased by almost 30%. As the uptrend rallies with the intent to challenge the 200-day EMA at $0.48, the bullish momentum is on the rise. 

A closing above this neckline is likely to challenge the 23.60% Fibonacci level at $0.85. Optimistically, the uptrend based on the Fibonacci level could challenge the 50% Fibonacci level at the $1.00 psychological mark. Hence, with an upside of almost 150%, the SPACE ID token is a must-buy altcoin in 2024. 

Curious if the Ethereum Naming Service token will reach a new all-time high in this bull market? Find out now in Coinpedia’s ENS price prediction for 2024 to 2030.