Most altcoins are showing a very negative sentiment on Friday. The leading crypto Bitcoin price is still stuck at $29,200 with little volatility over the past 24 hours. However, an altcoin that is also on Binance’s list is experiencing big fluctuations. The altcoin has dived deep into the red zone for the second day in a row after strong price gains.
This altcoin has fallen hard, what’s in the background?
As you follow on Kriptokoin.com, there is a recession in the crypto market. On the other hand, the price of Bounce Token (AUCTION) has been experiencing huge fluctuations in the past few days. AUCTION went from $5.75 to $17.7 in just two days before being dumped so drastically. Currently, the coin is consolidating just under $7. At press time, the altcoin is trading at $6.93, down 18.85% on a daily basis. Alongside this, AUCTION has fallen more than 66% from its peak of $17.7. On the other hand, on a weekly basis, the altcoin is still in the green zone of around 35%.
AUCTION daily price chart. Source: CoinMarketCapAUCTION is the native presence of Bounce Finance, a decentralized auction protocol built on Ethereum. The exact reason behind AUCTION’s recent volatile price action is still unknown. There has been a significant increase in daily trading volume on major exchanges such as Binance and Coinbase.
According to experts, looking at the token price chart, the latest bullish move seems to be a manipulated one. This type of pump and dump is very common in cryptocurrencies, where a few whales drive up the price before emptying their bags. However, it is not possible to say that this is a definitive ‘pump and dump’. Meanwhile, the altcoin price is still down more than 90% from its all-time high in 2021.
AUCTION price performance analysis
Crypto analyst Abdullah Sarwar describes what he saw in the technical drawing of AUCTION as follows. The latest technical analysis of AUCTION coin reveals that the coin has failed to break above its long-term trading range. The digital asset has been changing hands in the $3.57 – $8.16 trading range since May 2022. On Thursday, the price tried to break out but failed to close the day above the high of the range.
If AUCTION token price gains strength above the $8.16 level, a strong uptrend is likely. It is possible that this could send the price to another retest of the July 2022 high of $14.60. However, such a bullish price action will only be possible if the BTC price rises above $30,000 once again.
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