Drift Protocol Price Surges 53% in 24 Hours
The Drift Protocol price experienced a significant 53% surge in the last 24 hours, reaching $0.6467 by 03:21 a.m. EST. This surge was accompanied by a 141% increase in trading volume to $88 million following the launch of the Solana decentralized exchange (DEX) airdrop on May 16, which caused a 48% dip from its all-time high (ATH) of $1.25.
- The recent price surge is a result of a recovery from a key support level, as indicated by data from GeckoTerminal.
- DRIFT has been retracing to retest the $0.677 resistance level, exhibiting a bullish pennant pattern behavior.
Drift Protocol Price Set To Soar Over The Bullish Pennant Pattern
Technical indicators suggest a potential rally for the Drift protocol price over the bullish pennant pattern. DRIFT is currently trading above the 50-day and 200-day Simple Moving Averages (SMAs), providing strong support levels at $0.5952 and $0.4772. The Relative Strength Index (RSI) is at 57 and trending upwards, indicating growing buying momentum. Additionally, the Average Directional Index (ADX) at 51 signifies a strong bullish trend.
Drift Protocol Price Prediction
Short-term analysis on the 15-minute chart predicts a rally for DRIFT over the bullish pennant pattern towards $0.75. However, profit-taking by bears could lead to a price retracement below the $0.610 support level, with critical support at $0.59 and $0.47. Meanwhile, investors are also showing interest in $5SCAPE, a project that has garnered over $6 million in funding and is expected to surge post-launch.
5th Scape Garners Over $6 Million
5th Scape introduces a unique concept in virtual entertainment by combining VR, AR, and blockchain technology. The project’s focus on immersive VR gaming experiences makes it a highly anticipated venture in the crypto sphere. In addition to gaming, 5th Scape plans to offer movies and educational applications, with the potential to surge 100X following its launch.
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