• 02 November, 2024
Market News Markets

Crypto Rollercoaster: BONK and TIA Plummet Over 7% – Is Recovery on the Horizon?

Crypto Rollercoaster: BONK and TIA Plummet Over 7% – Is Recovery on the Horizon?

BONK and TIA stand out as the hardest hit, both experiencing over a 7% loss in the past 24 hours. BONK, trading at $0.00002526, reflects a 9.6% decrease, while Celestia (TIA) at $8.80, shows a 7.04% decline. These significant drops raise concerns among investors, signaling potential shifts in market dynamics.

Examining recent price movements, both BONK and TIA display downward trends over the past day. BONK initiated trading at approximately $0.00002782, spiraling downwards to its current level, showcasing a bearish trajectory. Similarly, TIA commenced at around $9.4293, witnessing a steady decline to $8.80, reinforcing a strong bearish sentiment.

For BONK, the $0.00002500 mark serves as a critical support level, exhibiting resilience amidst downward pressure. Conversely, $0.00002800 emerges as a formidable resistance point, thwarting attempts at upward momentum. TIA finds support around $8.50, demonstrating consistent buying interest, while facing resistance at $9.00, indicating prevailing selling pressure.

The volume-to-market-cap ratio for BONK stands at 29.44%, indicating significant trading concerning its market capitalization. Nevertheless, a recent drop of 23.46% in trading volume implies a diminishing interest from investors, which could worsen the downward pressure on prices.

TIA, with a volume-to-market-cap ratio of 4.29%, indicates moderate trading activity. Yet, a notable 33.89% increase in trading volume hints at heightened market engagement, albeit amidst a negative price trend.

Crypto Rollercoaster: BONK and TIA Plummet Over 7% – Is Recovery on the Horizon?
BONK/USD 1-day price chart, Source: TradingView

BONK’s 1-day stochastic RSI reading above the signal line at 79.82 suggests potential overbought conditions, signaling a probable price correction. Conversely, the 1-day MACD trading above the signal line indicates short-term bullish momentum, albeit with caution advised for possible reversals. 

Crypto Rollercoaster: BONK and TIA Plummet Over 7% – Is Recovery on the Horizon?
TIA/USD 1-da price chart, Source: TradingView

TIA’s 1-day stochastic RSI below the signal line at 73.81 hints at impending bearish signals, accompanied by a MACD signaling a potential downtrend. Additionally, TIA’s 1-day ADX at 21.79 implies weakening trend strength, underscoring a period of consolidation or uncertainty in the market.

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