The thing is that BOB had a brutal streak, rising 239.6% between June 2 and 4, reaching $0.07624! And what happened next? Well, on June 5, Binance Futures listed it with a perpetual contract and a leverage of 50x! 🤯 This, in the crypto world, is what we call a 'sell the news' effect. That is, when something is announced with fanfare, the people who already made money sell it to secure their profits. And with the ease of copying trades from other traders, the selling multiplied!
What do the numbers say? The truth, the harsh truth!
Experts who read the charts are raising their eyebrows because technical indicators do not lie:
MACD: It is in red, showing a bearish crossover. This is like an alarm signal indicating that the trend could continue downwards.
RSI-7: It's around 42.39, close to the oversold zone. This means a lot of people are selling, and sometimes, when an asset is very oversold, there could be a rebound, but for now, the pressure is selling.
Supports and Resistances: The price of BOB broke an important support level ($1.09E-7) and is now testing another close to the 78.6% Fibonacci retracement ($3.36E-8). This is like when a car loses a brake and is looking for something to lean on!
And now what? The million-dollar question! 🤔
The fall of BOB is the daily bread after listings on major exchanges and the excitement of derivatives. Technical indicators tell us that a short-term consolidation might be coming, meaning the price will remain in a seesaw without large movements.
But the big question is: will the people with a lot of money stop selling to stabilize the price? Or will the fact that BOB has no real utility leave it exposed to the price continuing to dance to the tune of speculation? So let's stay ALERT...
