Why Is 200% AUCTION Pump Fading?
Bounce token (AUCTION) price has been showing massive volatility spikes for the past few days. AUCTION surged from $5.75 to $17.7 within just two days before getting dumped very hard. Currently, the coin is consolidating just below $7 and looking to bounce.
Most altcoins are showing a very negative sentiment on Friday. BTC price is still stuck at $29,200 level with very little volatility in the past 24 hrs. Bounce token was trading 1.28% lower today as the coin turned red for the second consecutive day.
Why Is AUCTION Coin Falling?
AUCTION is the native asset of Bounce Finance which is a decentralized auction protocol built on Ethereum. The exact reason behind the recent volatile price action of AUCTION is still not known. There has been a significant increase in its trading volume within the last 48 hrs on major exchanges like Binance and Coinbase.
A look at the Bounce token price chart suggests that the recent bullish push was a manipulated move. Such pumps and dumps are very common in cryptocurrencies, where a few whales first increase the price before unloading their bags. The coin still remains more than 90% down from its 2021 all-time high.
Bounce Token Price Prediction
The latest technical analysis of the AUCTION coin reveals that the coin has failed to break above its long-term trading range. Since May 2022, the digital asset has been trading within the $3.57-$8.16 trading range. On Thursday, the price attempted to breakout but failed to close a day above the range high.
Bounce token price may flip very bullish if it gains strength above the $8.16 level. This could send the price for another retest of the July 2022 peak of $14.60. However, such a bullish price action would only be possible if the BTC price breaks above $30,000 once again.
In the meantime, I’ll keep sharing updated Bounce coin analysis along with my personal trades on Twitter, where you are welcome to follow me.
