$NKN has experienced a significant price drop of 6.061% in the past 24 hours.
It traded between a high of 0.0233 and a low of 0.0215, indicating moderate volatility.
Technically, it remains below the Bollinger Bands' upper band of 0.0223, reinforcing the downtrend.
Support is currently at 0.0215, while resistance stands at 0.0227.
The overall market trend remains bearish, current macroeconomic factors like inflation data may exacerbate this weakness.
Bitcoin’s current undefined influence does not correlate strongly with NKN's price movements, allowing it to trade fairly independently.
Given the volatility, traders might consider a short-term trading strategy rather than a long-term hold.
Key takeaway: Keep an eye on macroeconomic indicators as they can significantly influence price action in this uncertain market.
