Upbit Lists SPACE ID (ID) on Bitcoin Market, Price Surges 24%

Exciting news for crypto enthusiasts! South Korean exchange Upbit has just announced the listing of SPACE ID (ID) on its Bitcoin market. This announcement has already sent ripples through the market, causing a significant surge in ID’s price. Let’s dive into the details of this listing and what it means for the future of SPACE ID.

Upbit Lists SPACE ID (ID) on Bitcoin Market

Upbit, a leading cryptocurrency exchange in South Korea, officially announced the listing of SPACE ID (ID) on its Bitcoin (BTC) market. This means traders can now trade ID directly against Bitcoin on the Upbit platform. The announcement was made on Upbit’s official blog, confirming that trading would commence within hours of the announcement.

Price Surge Following the Announcement

The confirmation of the Upbit listing had an immediate and positive impact on the price of SPACE ID. Over the past 24 hours, ID’s price jumped by more than 24%. According to Coinstats, the price at the time of reporting was $0.345.

The trading volume of SPACE ID also experienced a massive surge, increasing by 467% in the past day. This brought the total trading volume to over $142 million at the time of writing.

While the price retraced slightly from its 24-hour high of $0.345, it remained significantly above its daily low of $0.295, indicating strong buying pressure.

Read Also: Surge in BTC Transaction Triggers Service Disruption in Trust Wallet

Technical Indicators Point to Further Gains

Technical analysis of ID’s daily chart suggests a bullish outlook. The price has broken past the $0.2980 resistance level, and key indicators support the potential for further upward movement.

• Moving Average Convergence Divergence (MACD): The MACD line is positioned above the MACD signal line, indicating a continuation of the positive trend.
• Relative Strength Index (RSI): The RSI line is well above the RSI Simple Moving Average (SMA) line, suggesting that buyers are dominating the market.

These indicators suggest that ID could potentially climb as high as $0.4455 in the near term. However, if bearish pressure increases, the price may consolidate around the $0.2980 support level.

What Does This Mean for SPACE ID?

The Upbit listing is a significant milestone for SPACE ID. Here’s why:

• Increased Liquidity: Listing on a major exchange like Upbit increases the liquidity of ID, making it easier for traders to buy and sell the token.
• Greater Exposure: Upbit’s large user base in South Korea provides SPACE ID with greater exposure to potential investors.
• Validation: Being listed on a reputable exchange like Upbit adds credibility to the SPACE ID project.

Potential Challenges

While the Upbit listing is undoubtedly positive, there are potential challenges to consider:

• Market Volatility: Cryptocurrency markets are inherently volatile, and ID’s price could be subject to sudden swings.
• Regulatory Risks: Changes in regulations could impact the trading of cryptocurrencies in South Korea and elsewhere.
• Competition: The cryptocurrency market is highly competitive, and SPACE ID faces competition from other projects.

In Conclusion

The listing of SPACE ID (ID) on Upbit’s Bitcoin market is a significant development that has already triggered a notable price surge. Technical indicators suggest the potential for further gains, but traders should be aware of the inherent risks associated with cryptocurrency trading. This listing provides SPACE ID with increased liquidity, greater exposure, and validation, setting the stage for future growth. Keep an eye on this developing story!