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- Whale transactions involving 1.08 million AUCTION tokens caused a dramatic 50% drop in its price.
- Despite recent volatility, the AUCTION token has surged by 220% over the past month due to strong market demand.
- The RSI at 76.74 indicates overbought conditions, suggesting a potential price correction for $AUCTION in the near term.
In the latest development, Lookonchain reported movements of large AUCTION deposits into major cryptocurrency exchanges, which have sparked price volatility. The most recent of these transactions occurred when Whales moved 1.08 million AUCTION tokens, worth approximately $48.6 million, to both Binance and OKX. This deposit, which represents 14.26% of the total supply, caused the price of AUCTION to dip sharply by 50%.
Previous Movements Indicate Ongoing Whale Activity
Before this particular occurrence, there was another big event in mid-March. On March 17, Lookonchain went further in revealing that whales transferred 280,000 AUCTION tokens valued at $9.73 million or 3.7% of the total tokens into Binance.
This was a process that has been experienced from time to time, as the token keeps on moving between the wallets and exchanges. However, the market experienced a rise of more than 220% in the past month, and the blooming demand played an important role in this.
Over the past month, the trend continued with four fresh wallets withdrawing 2 million AUCTION tokens (26.2% of the total supply) from Binance. This withdrawal further highlights the shifting dynamics in the market, as whale activity continues to influence AUCTION’s value. These large transactions show that major holders are making moves that affect both liquidity and price stability.
Bounce Token Current Market Performance: Technical Analysis
Presently, the token’s price reads at $24.23, down 22.66% from its prior value. The Relative Strength Index is at 76.74, indicating an overbought state and suggesting that the token could face a potential correction in the short term.
A higher RSI above 70 generally signals overbought conditions, which often forego a price pullback. Meanwhile, the Moving Average Convergence Divergence shows a positive trajectory with a reading of 5.87, slightly higher than the signal line at 5.73.
This suggests that the token is experiencing a bullish pattern. However, the MACD histogram’s increasing size signals that buying pressure is still strong, but a weakening momentum could indicate a slowdown soon.
