The OAX decentralized finance project's token, OAX, has experienced a significant increase of over 59% in the last 24 hours. This sudden surge in price can be attributed to a confluence of factors.
Launched in 2017, OAX aims to bring decentralized finance and digital assets into the mainstream by creating an ecosystem for decentralized trading and payments.
According to Bitpeaks, an analyst, OAX currently has strong buy support just below its price of approximately $0.196, with a bid-to-ask ratio of 3:1, indicating a higher number of buyers than sellers.
InvestorsObserver's proprietary system has also given OAX a low manipulation risk score, which analyzes recent volume changes to determine how easily a token's price can be influenced.
CoinMarketCap reports that OAX's trading volume has increased by 5000% in the past day, which often coincides with price rallies. The combination of surging volume, high buying interest, and Quantified low manipulation risk rating helps explain OAX's ability to surge 50% amid a wavering broader crypto market.
However, sustaining these factors will determine if OAX can turn its sudden spike into a sustained uptrend. For now, the trifecta of bullish analytics has powered its breakout, and OAX currently trades around $0.24, up 59% in the past 24 hours. This parabolic move illustrates how forgotten altcoins can abruptly awaken during periods of volatility.