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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.
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.
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.
This post was last modified on Jul 28, 2023, 11:16 BST 11:16