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The Kujira price tumbled 44% in the last 24 hours to trade at $0.3129 as of 04:15 a.m. EST on trading volume that skyrocketed 90% to $7.7 million.
This severe drop was triggered by the liquidation of the Kujira Foundation’s operational wallet. The Foundation had taken on leveraged liquidity positions worth millions of dollars but failed to manage them properly on its own DeFi platform.
The funds used in leveraged positions were intended to enhance liquidity and stimulate activity on their decentralized exchange (DEX).
The team said in a post on X that it takes full responsibility for the incident and apologized for its impact on the token’s price.
Before the liquidation, the Kujira price was trading in a sideways pattern, as KUJI consolidated around $1.04. In the last three days, KUJI has tumbled to trade in a falling channel pattern, fueled by the unraveling of the Foundation’s leveraged bets.
Kujira Price Aims For A Bullish Trend Reversal
The price of Kujira now trades below both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation of the bearish trend. The 50-day SMA now acts as the immediate resistance level at $0.40, which the bulls need to overcome to push the price above.
Meanwhile, the Relative Strength Index (RSI) is rebounding from below the 30-oversold region as it climbs up, currently at 40, which is an indication that investors are adding to their buying positions. With the token still undervalued, more investors may enter the market at this level.
The Kujira price analysis shows that the token is on a bearish trend but with signs of a likely bullish trend reversal. The bulls seem to be using the $0.26 support zone to push the price up.
If the bulls stage a reversal at this level, the price of Kujira could soar, as they target $0.76.
Conversely, if the bearish trend is sustained, KUJI could drop further below the channel to $0.20 support in the short term.
As Kujira investors search for more optimistic signals, the Solana GambleFi token Mega Dice (DICE) has smashed past $1.67 million in fund raised in its presale.
According to the 99Bitcoins YouTube channel, with over 706k subscribers, $DICE could potentially soar 100X after its launch.
Mega Dice Presale Garners Over $1.67 Million – Next 100X Crypto?
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To join the presale, you can buy $DICE on the official website here for $0.100254 per token using BNB, ETH, or SOL. You can also earn 10% on any purchases made by investors you refer.
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