(Chart by TradingView)
About 9 hours ago today, SBD experienced a sudden price hike. From the support at $7.75, it jumped dramatically and stuck at the resistance at $11.34.
It then corrected slowly until now at $9.65 between support at $8.73 and resistance at $9.66.
On the other hand, in the chart below, you can see that just around the price bounced back, there was a very large spike in trading volume.
The large volume coupled with the price increase indicates that the market is bullish. A large influx of new money is putting a lot of buying pressure on them.
Large volumes also mean high levels of liquidity. This reduces the level of volatility and stabilizes prices. So, hopefully prices will not go down soon.
However, this is a rare occurrence. What is going on with SBD? Have new whales just joined?
Only time will tell. Let's see what happens next.