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.
This post was last modified on Nov 29, 2023, 20:00 GMT 20:00