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The Libra price has slumped 12% in the last 24 hours to trade at $0.3302 as of 3:30 a.m. EST on a 235% pump in trading volume to $140 million.
The drop in the LIBRA price comes as Argentina President Javier Milei denies he had promoted the token. In a Feb. 17 interview with Todo Noticias, Milei addressed the controversy, referred to by local media as “Libragate.”
“I did not promote that,” he said. “What I did, I spread the word.”
Milei had initally tweeted about LIBRA, but the token imploded when he revoked his support. He now faces multiple fraud lawsuits, as well as calls for his impeachment from opposition politicians. He has denied any direct involvement in the meme coin’s launch.
☑️Just in: Argentina President Javier Milei Denies Promoting $LIBRA token
Milei Insist that he merely shared it
📷Watch till the end some important news
Thoughts on this?⤵️
Hit Like if you got rugged by $LIBRA pic.twitter.com/dNBaAdZIAw
— Bellalpz 🔔🎁 (@bellaTLopez) February 18, 2025
Meanwhile, Kelsier CEO Hayden Davis told Coffeezilla that he was behind both the LIBRA and MELANIA meme coins, and sniped both tokens when they went live.
He denied that LIBRA was a rug pull, arguing that it was ”just a plan gone miserably wrong with $100 million sitting in an account that I’m the custodian of.”
Davis also said he played a part in the launch of the Official Melania Meme (MELANIA) meme coin that’s linked to US First Lady Melania Trump.
“I was part of it,” he said. “I think the team did want to snipe it because how big the snipe was on Trump’s. We definitely weren’t the big sniper. There was no money made from the MELANIA team, we didn’t take any liquidity out, zero.”
Hayden Mark Davis, the CEO of Kelsier Ventures and the person behind the launch of $LIBRA and $MELINA, says that PumpFun, Jupiter, and Metorea are all bullshit. Listen to this clip!
Special shoutout to @CoffeeBreak_YT for this interview. pic.twitter.com/fPOxd0aJQ4
— Dev_trader (@Dev_treader) February 17, 2025
Libra Price Drops As Bearish Pressure Increases, Key Support at $0.30
The LIBRA/USD price chart on the 1-hour timeframe shows a current price of $0.3199, with a high of $0.3298 and a low of $0.3199, reflecting a -1.97% decline. The chart highlights a sharp breakout followed by a steep price drop, leading to liquidations.
This suggests high volatility and possible stop-loss hunting. After the initial drop, the price consolidated within a major support zone between $0.30 and $0.32, indicating strong buying interest in this area.
However, two bearish channels are visible, showing continued downward pressure, making it crucial to watch for a breakout from this pattern. The resistance level is marked near $0.60, while an intermediate resistance (R1) lies around $0.45, where sellers have been active.
LIBRAUSD Analysis Source: Dextools.io
The 50-period moving average (SMA) at $0.3698 is well above the current price, confirming the downtrend. The MACD remains in negative territory (-0.01178 vs. -0.01098), showing that bearish momentum is still present, though slightly weakening.
Meanwhile, the Relative Strength Index (RSI) at 40.38 indicates that the market is approaching oversold conditions but has not yet reached a strong reversal zone. If the RSI dips further towards 30, it could signal a potential bounce.
For the market to turn bullish, the price must hold the $0.30 support level and push toward $0.40-$0.45. A breakout above $0.37-$0.40, especially beyond the 50-MA ($0.3698), could signal the start of a trend reversal. However, if the price fails to hold above $0.30, a deeper decline toward $0.25 or lower is possible.
The bearish channels suggest that selling pressure is not yet exhausted. Traders should watch for confirmation of either a breakout above $0.37-$0.40 for bullish momentum or a break below $0.30 for further downside risk before taking positions.
Mind Of Pepe Presale Heads Toward $7 Million – Best Crypto To Buy Now?
As the Libra price struggles under bearish pressure, Mind of Pepe (MIND) has surged past $6.4 million in presale funding in a little more than two months.
MIND distinguishes itself with a self-evolving AI that interacts with the crypto market in real-time. It’s the first AI agent to be branded with the Pepe meme, and it plugs into social platforms such as X and Discord, using hive-mind analysis to spot emerging trends in the crypto space, enabling token holders to stay ahead of market opportunities.
Infinite Power. $MIND pic.twitter.com/T428gZPSRA
— MIND of Pepe (@MINDofPepe) February 18, 2025
Popular crypto YouTuber ClayBro, with over 136K subscribers, says MIND can 10x after it launches.
For investors looking for passive rewards, MIND offers a staking option with a huge 357% annual yield.
Right now, MIND tokens are priced at $0.0033454 each and can be purchased using crypto or bank card. Buy before a price hike in less than 16 hours to lock in the best deal.
Visit the official MIND website.
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