Animecoin Price Plunges 4% as Bulls Aim to Rebound above Key Levels – Bulls Target 30% Gains

Highlights:

• Animecoin price drops 4% to $0.0297 due to early profiteering.
• The daily trading volume remains high, soaring 56% to $270 million, indicating heightened market activity.
• With the token roaming in the oversold region, can the bulls initiate a buy-back campaign?

The animecoin price has plunged 4% to trade at $0.0297 as early profiteering commences. After its listing on Bithumb at the beginning of February, the Animecoin price rallied, printing mega gains for early investors. 

Meanwhile, the Animecoin Foundation’s tokenomics provide a clear and specific approach to the development of the project and the strengthening of the community. To support the project’s goal of providing a home for anime enthusiasts and creators, Animecoin dedicates 50% of the total supply to its community. 

The ANIME token is part of a partnership between the Animecoin Foundation, Azuki, and the Weeb3 Foundation. With the use of blockchain, Animecoin seeks to connect the world of anime and decentralized finance.

ANIME Statistical Data

Based on CoinmarketCap data:

• ANIME price now – $0.0297
• Trading volume (24h) – $270.93 million
• Market cap – $164.5 million
• Total supply – 10 billion
• Circulating supply – 5.53 billion
• ANIME ranking – #270

Animecoin (ANIME) supported by Arbitrum and the Azuki NFT brand has dwindled wiping gains in the market. It started with a parabolic pump, climbing from $0.05 to a peak of $0.07 on its launch, giving early investors awesome gains within a short period of time. However, Animecoin’s price has constantly traded downwards, pushing into consolidation in a 1-hour timeframe. 

Animecoin is trading around $0.0297 at press time, nearly 61% below its all-time high. It has notably recorded a plunge of over 36% over the week despite the Bithumb and Upbit listings. However, the trading volume remains high, soaring around 56% to $270 million, indicating intense market activity. With the rising trading volume, can the bulls regain dominance in the ANIME market?

Animecoin Price Outlook: Can the Bulls Rebound?

The animecoin bulls are in a fierce battle to regain dominance despite the wobbling crypto market. Based on the ANIME/USD 1-hour chart, Animecoin appears to have breached the key support zones. However, if the bulls build momentum at this level, and breach the immediate resistance at $0.0306, a rally toward the psychological level of $0.0381 seems plausible. 

Conversely, a rejection at the $0.0306 mark could see ANIME retracing to test its immediate support at $0.0258. Should bearish pressure persist, subsequent supports could be found at $0.0234, breaching the lower boundary of the channel. 

Technical Indicators Point to More Downside

The RSI Divergence Indicator, at 38.11, reflects a neutral-to-bearish outlook, indicating further retracement, should bearish sentiment dominate. However, with the token roaming in the undervalued territory, the bulls could ignite a buy-back campaign, causing a rebound. However, any failure to maintain current levels above the $0.0306 zone might ignite a more pronounced correction, as the RSI points towards downward pressure. 

Meanwhile, market participants should closely monitor price action near the $0.0306 zone, as a decisive breakout could herald a continuation of Animecoin’s broader uptrend. On the flip side, a lack of momentum might signify a pause or potential reversal in the prevailing trend.