Chainbase ($C ) has fallen by 4.24% in the last 24 hours, which is worse than the overall cryptocurrency market (-1.09%). The main reasons are technical weakness, a decrease in momentum after a sharp rise on Binance in July, and low liquidity, which exacerbates selling pressure.

On August 22, Chainbase $C broke a significant Fibonacci support level at $0.2496 (78.6% retracement level), which triggered automatic sell-offs. The MACD histogram (-0.00199) confirms the downward trend, while the RSI (47.9) does not yet indicate oversold conditions.

Traders focused on technical analysis likely closed positions after breaking the key level, which intensified the downward trend. The lack of strong support until $0.192 (swing low) leaves room for further decline.

The trading volume of $C in 24 hours has decreased by 25% to $21.9 million, with a turnover ratio of 0.64, indicating a thin market where even small sell-offs significantly impact the price.

A market capitalization of $34.2 million makes C vulnerable to the actions of large players (whales). Theoretically, a selling pressure of just $214,000 could reduce the price by 1%, considering the current liquidity depth.#Chainbase @Chainbase Official