KEY POINTS

  • Algorand and Audius tokens were listed on Upbit
  • Following the listing, prices turned bullish for the coins
  • Both the tokens rose by more than 50% in a single 5-min candle

Upbit listed two trading pairs Thursday, causing a huge upward surge even as the overall crypto market was trying to recover from the bearish sentiment experienced by investors last week.

Colin Wu, a Chinese journalist, tweeted that the South Korean crypto exchange added KRW/ALGO (Korean Won/Algorand) and BTC/AUDIO (Bitcoin and Audius), directly linking the listing to the massive surge in ALGO's price.

"On Nov. 18, South Korea's exchange Upbit announced the addition of the KRW/ALGO, which caused ALGO to rise by 35% in one hour," Wu said in the tweet.

Algorand's turned extremely bullish following the listing, rising more than 55.97% in a single 5-minute candle. This was followed by another green 5-minute candle that rose from a low price of $2.44 to the highest price of $2.989. 

However, the subsequent 5-minute candles showed the bears pulling the token down 6 consecutive bearish red candles appeared on the 5-minute charts. According to the data by CoinmarketCap, as of 3:42 a.m. ET, the daily candle for ALGO/USDT opened at $1.65, reaching a low of $1.64 followed by a daily high of $2.99. 

ALGO/USDT ALGO/USDT 5-minute price chart Photo: https://www.tradingview.com/

This triggered a sell-off from traders who took advantage of the high prices. There is a 406.85% increase in trading volume, with a 14.43% increase in market capitalization on the counter. 

The Audius token saw even more bullish price action as the listing news caused a 1,073% increase in trading volume and a 15.99% rise in market capitalization. 

In the 5-minute chart, the Audius price rose 56% as printed on a single candle. However, this was followed by a sell-off. This bullish 5-minute candle opened at $2.32, reaching the daily high at $4.14, and tumbling to $3.6 as the candle closed. 

AUDIO/USDT AUDIO/USDT 5-minute price chart Photo: https://www.tradingview.com/

The EverGrowCoin (EGC) saw similar volatility after it was listed on BitMart and ZT exchanges Wednesday, leading to a surge of more than 100% in prices. The token opened the daily candle at $0.000001350, reaching a daily high of $0.000005999 and closing the candle at $0.000002396.

4 Top Tier Crypto Exchanges for New and Seasoned Traders 4 Top Tier Crypto Exchanges for New and Seasoned Traders Photo: Pexels