Chainbase ($C ) has decreased by 7.99% in the last 24 hours, which is significantly worse than the overall cryptocurrency market (-0.65%). The main reasons are profit-taking after a sharp rise on Binance in July, negative technical signals, and a decline in trading activity.
Profit-taking after listing - the initial rise on Binance cooled off, leading to sell-offs.
Technical weakness - key moving averages and the RSI index indicate a bearish trend.
Low liquidity - trading volume has fallen by 57%, which amplifies price fluctuations.
The 30-day moving average ($0.268) and the 7-day moving average ($0.214) are above the current price ($0.20), indicating ongoing downward pressure. The 7-day RSI at 41.83 indicates a bearish sentiment, but not yet oversold.
Traders are likely waiting for a confident break above the Fibonacci retracement level of 23.6% ($0.396) to re-enter the market. Until that happens, the path of least resistance is downward.
A close below the Fibonacci level of 78.6% ($0.249) on August 24 could trigger a further drop of 20% to the minimum of July 17 - $0.125.#Chainbase @Chainbase Official
