The price of $TREE has dropped by 6.65% over the last 24 hours, which is part of a longer-term decline.
Sales after the airdrop and listings on exchanges are increasing pressure on the price.
Technical analysis indicates oversold conditions, but further declines are possible.
The overall cryptocurrency market has decreased slightly, while $TREE is falling more sharply.
Negative funding rates and a decline in TVL are causing additional concern for investors.$TREE
The RSI with a period of 7 for TREE is 35.47 (neutral level), but the RSI with periods of 14 and 21 has dropped below 32, indicating oversold conditions. Despite this, the price has failed to recover and has broken key support levels.
Oversold conditions usually signal a potential rebound, but continued selling indicates weak buyer interest. The trading volume over the last 24 hours ($22 million) has decreased by 40% compared to the previous day, indicating reduced liquidity and a dominance of bearish sentiment.
If the price remains below $0.30, it could lead to further declines to the minimum of July 30 at $0.4695.
