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.
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.
