Latest news with #CoinDeskResearch
Yahoo
8 hours ago
- Business
- Yahoo
BONK Drops 14% as Institutional Selling Accelerates in Risk-Off Environment
BONK, a Solana-based meme token, slid 14% in the last 24 hours, falling from $0.000035 to $0.00003096. The token experienced elevated volatility, with trading volume exceeding 2.39 trillion BONK, suggesting aggressive repositioning among institutional participants. Market resistance was established early around the $0.000036 level, where sell-side pressure surged, coinciding with order book data showing institutional liquidations totaling more than 2.6 trillion tokens, according to CoinDesk Research's technical analysis data model. Temporary stabilization occurred overnight, with support forming near $0.000031 as sell-side volume cooled to 1.48 trillion tokens, but upward momentum remained limited. The steepest losses came between 13:06 and 14:05 UTC on July 29 as BONK dropped 3%. Quantitative models from high-frequency trading firms suggest further downside could be likely, with momentum signaling a break below the key $0.000031 support threshold. Unless institutional demand emerges, BONK may drift toward the psychologically significant $0.000030 level in the near term. Technical Analysis Highlights Price dropped 13.6% over 24 hours. Trading ranged from $0.00003565 (high) to $0.00003062 (low), a 14.1% swing. Institutional selling spiked above 2.6 trillion tokens near resistance at $0.000036. Temporary support formed around $0.000031 with 1.48 trillion tokens absorbed. Final-hour decline saw BONK fall from $0.000032 to $0.000031, with 60B+ tokens traded. Algorithmic trading volumes surged between 13:53–14:03, a potential sign of stop-loss triggers. Quant models project possible further decline toward $0.000030 if resistance holds. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Yahoo
5 days ago
- Business
- Yahoo
BONK Drops 9% From Peak as Exchange Transfers Overwhelm Burn News
BONK experienced aggressive volatility over a 24-hour period to end the week, swinging 15% between $0.00003185 and $0.00003763. The Solana-based memecoin initially surged on the heels of a 500 billion token burn announcement before a Galaxy Digital-linked wallet moved $18.75 million worth of BONK to major crypto exchanges, triggering a 9% pullback in under an hour. Despite the reversal, BONK stabilized above the $0.00003400 level with support in the $0.00003185-$0.00003230 zone, according to CoinDesk Research's technical analysis data model. Trading activity surged as speculative flows responded to conflicting signals: bullish supply reduction versus the bearish pressure of potential sell-side liquidity injections. The broader crypto market's shift toward altcoins continued to boost meme token trading volumes as with bitcoin's market dominance weakening. BONK has benefited from increased institutional and retail attention, even as its price action remains volatile and sensitive to on-chain movements. Technical Analysis Highlights BONK moved between $0.00003185 and $0.00003763, a 15% swing. The price dropped 9% from a peak at 15:00 UTC to $0.00003430 by 16:00 UTC. Strong support held at $0.00003185-$0.00003230 amid multiple overnight retests. From 03:00 UTC, the price rallied to $0.00003438, showing short-term stabilization. Between 11:10 and 12:09 UTC, BONK fell 2% to $0.00003433. Reduced volume during final minutes suggests declining bearish momentum. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Yahoo
5 days ago
- Business
- Yahoo
Polkadot's DOT Faces Bearish Pressure Despite Recovery Attempts
Polkadot's DOT encountered ongoing bearish momentum despite several recovery attempts, fluctuating between $3.87-$4.11 throughout the 24-hour timeframe, according to CoinDesk Research's technical analysis model. The model showed that substantial institutional purchasing activity developed at critical support zones around $3.87-$3.93, notably during elevated volume sessions at 03:00 and 14:00 hours. Significant support has developed in the $3.87-$3.93 range with resistance at the $4.11 level, according to the model. The drop in Polkadot came as the wider crypto market also fell, with the broader market gauge, the Coindesk 20, recently down 3%. In recent trading, DOT was 1.9% lower over 24 hours, trading around $3.94. Technical Analysis: Trading range of $0.24 constituting 6% differential between peak of $4.11 and trough of $3.87. Volume surpassed 24-hour average of 2.87 million during critical support evaluations at 03:00 and 14:00 hours. Robust resistance at $4.11 threshold with escalated selling momentum establishing upward movement ceiling. Support territory established within $3.87-$3.93 range with significant buying interest on elevated volume. V-shaped recovery formation emerged in final trading period with sustained rally from $3.92 minimum. Breakthrough above $3.94 resistance threshold suggesting potential short-term sentiment transformation. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Yahoo
5 days ago
- Business
- Yahoo
BNB Falls 4.3% as Traders Eye Key Support Levels After Record High
BNB slid 4.3% in the last 24 hours, falling from $808 to $764 in a sharp pullback that erased a portion of its gains month-to-date. The drop came on heavy volume, with traders watching a critical support zone around $744 to $753 as the next test for the market. At one point, BNB touched a 24-hour low of $744.56 and briefly rebounded to $759.35. The movement suggests traders may be consolidating near these levels, though price action continues to form lower highs in a sign the downtrend remains intact, according to CoinDesk Research's technical analysis model. The price has kept on sliding throughout the trading session, reinforcing concerns about continued selling pressure. The $744 floor is being watched to see whether holds or breaks, which could set the stage for further declines. BNB has underperformed the wider crypto market over the last 24 hours, as the CoinDesk 20 (CD20) index has dropped 3.6% over the same period. The pullback follows a strong rally that pushed BNB to a record $804 on July 23. Nasdaq-listed Nano Labs acquired $90 million worth of BNB recently, while companies including Build & Build Corp. and WindTree are also accumulating. On social media, Binance founder and former CEO Changpeng Zhao commented on the cryptocurrency's recent performance, showing appreciation for ecosystem participants. Still, the selloff suggests traders are now taking profits or repositioning amid a broader surge in altcoin trading volume and network upgrades across BNB Chain. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
Polkadot's DOT Bounces After 7% Decline
Polkadot's DOT staged a strong recovery after slumping as much as 7%, bouncing from $3.91 to $4.08 amid high trading volumes, according to CoinDesk Research's technical analysis model. The model showed that DOT navigated substantial price swings during the 24-hour period from July 23 19:00 to July 24 18:00, oscillating between $3.91 and $4.20 before settling at $4.08. Earlier this week, the Securities and Exchange Commission (SEC) withdrew its accelerated approval for a Bitwise crypto exchange-traded fund (ETF) that plans to include DOT among its top holdings by market cap. The bounce in Polkadot came as the wider crypto market also rose, with the broader market gauge, the Coindesk 20, recently up 1.4%. In recent trading, DOT was 2% lower over 24 hours, trading around $4.09. Overall trading range of $0.28 representing 7% volatility between $4.20 maximum and $3.91 minimum. Critical support level established at $3.96 with high volume confirmation exceeding 4.28 million average. Resistance zone identified at $4.10 level showing price rejection patterns. Volume spike of 73,061 during decline phase indicating institutional selling pressure. Recovery pattern suggests potential continuation toward $4.13 target level. Net decline of 2% from opening despite strong bounce from overnight lows. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
