- Orbs price surged on Monday and Tuesday this week.
- The rally happened as some key exchanges listed the token’s futures.
- The most notable ones were Bybit, BitMex, and Bitget.
Orbs price has bounced back in the past few days as investors cheered the recent exchange listings. The token surged to a high of $0.06 on Tuesday morning, the highest level since June 2022. It has spiked by more than 250% from the lowest level this month.
Why is Orbs token soaring?
Orbs is a blockchain project that seeks to improve the industry. It describes itself as a layer 3 that exists between layer 1 and layer 2 networks, acting as a decentralized backend. As a result, it can power dApps across DeFi, games, and non-fungible tokens (NFTs). Orbs powers several dApps, including dTWAP and dLimit Protocol.
The main reason why the Orbs token is soaring is that several exchanges have listed the token. For example, Bybit recently listed Orbs perpetual futures, allowing users to trade up to 25x leverage. Bybit, a RedBull Racing partner, is one of the biggest exchanges in the world.
Orbs was also listed in BitMex, a leading exchange. The listing of ORBS perps means that users can trade with up to 10x leverage. It was also listed in other exchanges like HyperLiquidX, Bitget and MEXC.
Cryptocurrencies tend to rally shortly after being listed by one of the leading exchanges in the industry. We recently saw Loom Network price surge by more than 500% after it was listed by Gate and Binance.
This rally usually happens because of the hype surrounding the listings and the number of users in the ecosystem. In most cases, as we saw with popular cryptocurrencies like MATIC and Arbitrum, tends to be short-lived. This happens as some of the top insiders exit with profits.
Orbs price forecast
The daily chart shows that Orbs price bottomed at $0.0170 in July. It then consolidated at for a few months and then made a strong bullish breakout recently. The token has crossed the important resistance level at $0.054, the highest swing on February 16th.
Orbs price has jumped above the 50-day and 25-day moving averages while the Relative Strength Index (RSI) has moved above the overbought level. Therefore, I believe that the token will enter the distribution phase in the coming days and then pull back to the support at $0.04
