Bitcoin's dominance increased by 1.28% over the past day, indicating a capital redistribution from altcoins to BTC. The decline of $PROVE by 3.42% against the backdrop of Ethereum's growth of 0.08% highlights the weakness of the ZK technology sector.
What this means: The altcoin season index has decreased to 53 (-10% since August 22), indicating a decrease in risk appetite. The correlation of PROVE with ETH has weakened (-0.42 R² over 7 days), making the token more vulnerable to individual sell-offs.
$PROVE broke the support level at $1.15 and the 7-day moving average ($1.21). The relative strength index (RSI-7) at 48.48 shows no clear overbought or oversold conditions, but the MACD histogram indicates weakening momentum.
Traders may target the next support zone in the range of $1.10–$1.12, where consolidation was observed from August 20 to 22. The 24-hour trading volume decline of 53.15% to $63.47 million indicates a decrease in buying interest, complicating the resistance against selling.
Closing above $1.19 may signal a potential reversal, while sustained trading below $1.10 increases the risk of testing the minimum from August 11 at $0.96. #prove #SuccinctLabs @Succinct