Tokens launched on Base are recently gaining attention of traders and investors in the past couple of weeks as volumes flows back in the market, although things might change in the long-term if the adoption rate increases for a massive community growth and expansion.
Clanker is one of them, but is still in a downward range as it continues to form a lower high pattern on the daily chart. While a few top tokens in the ecosystem have rallied hard in the past weeks, it remains weak on the short-term scale.
However, the lower low movement is suspended following a rebound off the $22.4 last week. This brought a recovery, but it is not strong enough to activate a reversal. In fact, the bears are trying to take advantage of the latest drop. If they do, the price may slip back to the yearly low soon.
Even though the market continues to recover, the $35 level may pose a threat. A recovery above April’s high should confirm a new bullish rally on the daily chart. Right now, commitments are low from the bulls’ side.
With a million total market supply, Clanker’s market cap is still well under $7 million on Dexscreener and is considered one of the promising tokens recently launched on the Base network. That said, it is yet to find a strong footing for a reversal.
Clanker’s Key Levels To Watch
In the latest meltdown, the potential support level to consider for a dip is the monthly $22.4 low. If it fails to contain selling pressure, the next sell stop would be $17.4 before collapsing to the yearly low of $14.2, printed in February.
If the price recovers, a push above $35 should allow more buys to $43.5 and $51.6. The main resistance level for a break-up is $63.6, tested in April.
Key Resistance Levels: $43.5, $51.6, $63.6
Key Support Levels: $22.4, $17.4, $14.2
- Spot Price: $29.2
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
No Comments