NCT Crypto Deflates After Major Pump
Polyswarm (NCT) price is extending its loss on Wednesday as altcoins bleed after another correction in Bitcoin. Crypto enthusiasts are waiting for the Bitcoin price to break above $38,000 before taking more long positions.
Today’s pullback in Bitcoin resulted in a major profit-taking in the altcoin market. As a result, NCT crypto fell for the 3rd consecutive day and was down 0.60% till press time. Other altcoins also behaved similarly as the selling pressure increased in the high-risk digital assets.
Polyswarm got the attention of crypto investors after a 30% pump last week. However, the price action seems to have reversed, as the cryptocurrency is already down 19.3% this week. This suggests that last week’s bullish move could be an act of whale manipulation.
Technical analysis further reveals the resistance level of $0.009, from which the price broke out last week. This proved to be a fakeout as the Polyswarm price is once again trading below this level. Consequently, bears are now targeting a retest of the $0.008 support if they keep momentum.
