- Whales offloaded 1.08M AUCTION ($48.6M), triggering a 50% price drop from $45 to $22.50.
- Binance trading surged from 1.2M to 4.5M AUCT, OKX from 800K to 3.2M.
- AUCTION hit $24.70 after rebounding from $7.10, with RSI plunging from 68 to 30.
Bounce (AUCTION) price declined by 50% as Whales offloaded 1.08 million AUCT tokens, worth $48.6 million, into Binance and OKX. According to the Lookonchain post, the whales deposit 1.08 million AUCTION tokens worth $48.6 million into Binance and OKX. The massive transfer that counted for 14.26% of the total supply triggered the steep sell-off. The value of AUCTION plummeted by 50% from $45 down to $22.50 within hours, according to CoinMarketCap.
Binance and OKX Experience Significant Inflows
Whales strategically split their deposit by pushing 700,000 AUCT to Binance and 380,000 AUCT to OKX, leveraging the liquidity of those large-scale exchanges. That massive offload triggered panic selling among traders, accelerating the price decline. CoinMarketCap data confirmed the swift drop, causing alarm across the crypto market.
Following the large deposit, the volume traded in $AUCTION went into the stratosphere. Binance saw a jump from an average of 1.2 million AUCT traded per hour to 4.5 million, while OKX recorded an increase from 800,000 AUCT to 3.2 million. CryptoQuant shows that this influx resulted in significant downward pressure, accelerating the token’s decline as traders rushed to offload their holdings.
AUCTION Price Hit at $24.70
Technical analysis revealed concerning trends. The AUCTION/USDT trading pair on Binance experienced the highest trading volume, which showed the most urgent need among traders to close positions. Meanwhile, the Relative Strength Index (RSI) for AUCT dropped from 68 to 30, the oversold territory that may attract contrarian traders looking for a potential turnaround.
Weekly Chart show that Bounce Token has bounced from the low point of $7.10 earlier this month up to the high price of $67.54 before closing at $24.70. The token crossed the 50-week moving average. However, with the RSI and Stochastic Oscillator crossed into the overbought region, analysts cautioned that there would be a severe reversal as AUCT goes into the distribution phase.
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