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The introduction of the Real-World Collectibles Marketplace brought certain updates for Bounce (AUCTION), but the token continues to experience a decline in price.
This downward trend may be influenced by the bearish sentiment prevailing in the broader crypto market today.
CoinMarketCap data shows a significant 15.7% drop in the global market’s trading volume in the last 24 hours, and AUCTION’s trading volume has also decreased by 21% during the same period, adding to the selling pressure on the token.
🎉 Get ready for Bounce Real-World Collectibles Marketplace 🔥
💼Projects: Create your brand store on Bounce and sell customized tangible products
🛍️Buyers: Shop NFTs of various real-world goods on Bounce, receiving both the NFT and the real treasure🔨Bounce handles it all👇… pic.twitter.com/z7GVT1CfRI
— Bounce Brand (@bounce_finance) July 18, 2023
AUCTION Price Performance Today
On July 28 at 5:30 am EST, the price of AUCTION was at $6.82, indicating a significant 50% decrease within the past 24 hours.
Concurrently, Bounce’s trading volume has experienced a considerable drop, totaling over $164 million during the same period.
AUNCTION’s Price Gives in To Selling Pressure
AUCTION’s price is currently experiencing a bearish trend, despite some indicators suggesting a potential bullish move.
The token’s price is still above the 50-day and 200-day Moving Averages, but it appears to be heading toward the support level at these indicators’ positions.
The Relative Strength Index (RSI) is at 62.58, and the Moving Average Convergence Divergence (MACD) line is above the signal line. However, the faded green histogram bars indicate a decline in buying pressure, which often precedes a bearish move.
Based on the analysis, there is a higher likelihood of a bearish move rather than a bullish turn. Nevertheless, the 50-day and 200-day Moving Averages may act as support levels for the token’s price in the future.
Updates That Could Influence AUCTION’s Price
AUCTION’s price is currently experiencing a bearish trend, despite some indicators suggesting a potential bullish move.
The token’s price is still above the 50-day and 200-day Moving Averages, but it appears to be heading toward the support level at these indicators’ positions.
The Relative Strength Index (RSI) is at 62.58, and the Moving Average Convergence Divergence (MACD) line is above the signal line. However, the faded green histogram bars indicate a decline in buying pressure, which often precedes a bearish move.
Based on the analysis, there is a higher likelihood of a bearish move rather than a bullish turn. Nevertheless, the 50-day and 200-day Moving Averages may act as support levels for the token’s price in the future.
Additional factors
One crucial event that may affect the token’s price is the burning of a substantial portion of its total supply, which amounts to over 7.6 million tokens.
This process involves deliberately and permanently removing AUCTION coins from circulation, thereby reducing the overall supply.
The scarcity created by this reduction in supply can drive up demand for Bounce Token, leading to a potential increase in its price.
Furthermore, the general trend in the broader cryptocurrency market can also influence the trajectory of AUCTION’s price.
The cryptocurrency market is interconnected, and developments, news, and regulatory changes in the industry can affect the value of various tokens.
For example, significant legal resolutions involving prominent cryptocurrency projects, like the recent Ripple Labs and SEC lawsuit settlement, can impact market sentiment and investor confidence, potentially leading to a rise in the price of virtual tokens, including AUCTION coins.
DeeLance Progresses Amid Volatile Crypto Market
DeeLance is an innovative online marketplace that tackles the common challenges freelancers and recruiters face on traditional web2 platforms.
By harnessing the power of the Ethereum blockchain, the platform ensures verifiable proof of work ownership and secure transfers through NFTs.
At the core of DeeLance’s offering is a peer-to-peer freelancing platform with remarkably low transaction fees of just 2%. This is possible through blockchain technology, which allows payments to be made in the native $DLANCE token.
Features of DeeLance
DeeLance’s metaverse offers a captivating environment where users can showcase their creations, participate in virtual meetings, and engage in networking events.
The integrated NFT marketplace grants users complete ownership and control over their artwork, allowing them to earn royalties from future sales.
DeeLance’s native token, $DLANCE, has surged by 26% from its initial presale price of $0.038 to its current value of $0.048.
Following the presale event, the token will be listed at $0.057 on various exchanges.
The presale has already surpassed $1.6 million, with 2 days remaining for investors to seize this limited-time opportunity.
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