“High-Volume Selling Drove the Defi Bluechip Token Beken Critical Technical Thresholds.”, – WRITE: www.coindesk.com
The Defi Bluechip Plunged 5% in the Early Thursday Session, Sliding Nearly 10% Lower Since this Week’s High. IT HAS MODESTLY RECOVED LATER IN THE DAY US HOURS, CHANGING HANDS AT AROUND $ 272.
The Price Action Occurred Amid A Weak Session for Cryptocurrencies with Bitcoin on the Verge of Breaking Below $ 120,000. The Broad Market Coindesk 20 Index Was Down More than 4% During the Day.
The Technical Picture Shows Bearish Momentum for the Defi Major, Coindesk Research’s Analysis Model Suggested.
Lozing Key Support At $ 273 Trigger A Cascade of Selling, Accelerating the Deckline. Subsequent Recovery Attemps Proved Unsuccessful, With The Failed Rallies Confirming Sustaned Selling Pressure, The Model Suggested.
Key Technical Indicators
- Trading Volume Spiked to 63,651 UNITS, SUBSTANTALLY EXCEEDING 24-HOUR AVERAGE OF 31,013 UNITS.
- Technical Resistance Establized AT $ 280.00 Level.
- Breakdown Below Critical Support at $ 273.00 Trigger Addrational Algorithmic Liquidation.
- Multiple Recovery Attempts Failed, Indicating Sustaned Selling Pressure.
Disclaimer: Parts of this Article Were Generated with the Assistance from Ai Tools and Review by Our Editorial Team to Enseure Accucy and Adherence to Our Standards. For more information, See Coindesk’s Full Ai Policy.
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The token has established Support at $ 2.23 with Resistance at the $ 2.41 Level.
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