The price of $BMT has dropped below the 7-day moving average ($0.0725) and the key reversal point ($0.0726), with the RSI14 at 40, indicating a neutral-bearish sentiment. The price is currently testing the support zone of $0.0678–$0.0730, formed in July.
Why this matters: A breach of moving averages often signals further declines. The MACD histogram is close to zero (+0.000071), reflecting weak buyer interest, while the daily price range ($0.0678–$0.0759) shows a seller advantage.
Key level: If the price remains below $0.0678, a rapid decline to $0.06 is possible.
The drop in BMT price is a combination of the overall market decline, profit-taking after the Binance campaign, negative sentiment due to the Rugproof investigation, and technical signals indicating a bearish trend. The Binance campaign may have led to increased selling as participants completed tasks and sold received rewards, creating price pressure. Additionally, news about Rugproof may have undermined confidence in projects related to Bubblemaps, even though it was Bubblemaps that identified the issue. Investors may be concerned about the stability of the platform's token itself.
