📉 Lorenzo Protocol (BANK) in the spotlight: Significant pullback after the initial surge ⚠️
After an impressive rise of 248% in November thanks to listings on Binance, HTX, and Tapbit, Lorenzo Protocol (BANK) has experienced a sharp correction. The token has dropped 64.5% from its peak of 0.13, now sitting at 0.0447. In the last 24 hours, BANK fell 2.54% while the overall market showed a slight advance, reflecting a clear profit-taking and a "sell on the news" pattern in a risk-averse environment. Trading volume has also decreased to 8.08M, down 13.46%.
🔍 What does this dynamic imply?
The Market: Early investors have taken advantage of the rally to secure profits, migrating capital towards more stable assets like Bitcoin and Ethereum. The high BTC dominance (58.73%) and a Fear and Greed Index at 24/100 confirm the cautious sentiment that disfavours altcoins.
Lorenzo Protocol (BANK): The project appears vulnerable to the overall market sentiment. Technically, BANK is trading below its key moving averages, indicating a bearish trend. However, the RSI is approaching the oversold zone, suggesting a possible stabilization if the market finds a bottom.
Future prospects: The recovery of BANK will largely depend on Bitcoin maintaining key levels like 97,000 and a shift in capital flow towards altcoins. Defending the November low at 0.0402 will be crucial to avoid further declines. 🌐
