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AUCTION has become one of the most popular altcoins in recent times. After a rapid rise, a massive decline followed. This drop is not surprising for most experienced investors in bear markets. But what can AUCTION token investors expect in the short term in terms of price? What does the current outlook tell us?
Why Did AUCTION Fall?
The announcement of the Real-World Collectibles Marketplace had increased excitement for this popular altcoin. What investors need in bear markets is a convincing excuse for an uptrend. AUCTION provided them with that and helped fuel the excitement with capital inflows. In the announcement made about 10 days ago, the team wrote the following:
“Get ready for Bounce Real-World Collectibles Marketplace. Create your brand store on Bounce and buy customized physical products. Buy both NFTs and real-world objects on Bounce.”
It was actually quite clear that the abnormal rise that occurred yesterday would quickly reverse due to profit-taking.
AUCTION Price Analysis
The cryptocurrency, which found buyers at the $5 level before the uptrend, rose to $17.8 yesterday afternoon. It was already predicted that this abnormal price movement would be speculative. The drying up of liquidity in order books and the withdrawal of market makers from the market allows for price movements at lower costs. With a few million dollars in purchases, you can push the price of most altcoins on Binance by double-digit percentages. Therefore, we should be much more careful in the current period against FOMOs triggered by rumors and mysterious statements.
AUCTION token investors, who have given back most of their gains, are now trying to hold onto the $6.35 support area. If the price can once again make four-hour candlestick closes above $9.67, the $14.8 region could be targeted. However, the current outlook on the BTC front indicates that AUCTION token sellers’ trend suggests that a sideways movement within the $6 price range can continue for a while (at best).
Decreasing liquidity, negativity in the BTC price, and a lack of market makers increase the risk for investors against sudden uptrends in the coming days. We may see that those who cannot choose their stop areas well have suffered significant losses on the path they embarked on with profit targets.
