@Boundless ($ZKC ) is currently experiencing a period of bearish sentiment, and the data suggests a cautious approach. The price is at $0.667164 USD, down 6.23% in the last 24 hours, with a market cap of $134.05M. This significant drop and low rank (#297) according to Kemi Data indicate a negative trend.

Technical Signals
While the RSI (50.0) is neutral, the MACD is in bearish territory, a key concern for potential buyers. The price is also trading below its moving averages, reinforcing the downward momentum.

Key Price Levels

Support: Watch the $0.686784 level. A break below this could lead to further price declines.

Resistance: The $0.759078 level is a crucial hurdle. A move above this would signal a potential trend reversal, but it would require significant buying pressure.

Important Insights & Risks
The recent drop appears to be a correction following its mainnet launch and an airdrop event, which triggered a sell-off. While the 24-hour volume is high ($262.46M), the price is falling, indicating dominant selling pressure. The current technical indicators suggest a cautious short-term outlook.

Trading Takeaway:
Given the prevailing bearish signals, a cautious approach is recommended. Traders might consider a short position if the price breaks below the support level, with a stop-loss just above it. A long position would be highly aggressive and should only be considered with confirmed momentum above the key resistance level.

#Boundless