Is AUCTION buying opportunity after the current dip?

AUCTION has weakened from $43 below $27 since 11th November, and the current price stands at $27.8.

The cryptocurrency market remains under pressure this Friday, Bitcoin went below the $55000 support, and the price of AUCTION can weaken even more in the upcoming days.

Decentralized platform for auctions

AUCTION is a token that powers a decentralized auction platform Bounce by supporting incentives on the protocol while it also provides benefits and governance rights for holders.

The first principle of Bounce is the scarcity of resources, and this project provides a competitive environment for a limited supply of tokens or other assets.

Bounce allows you to build, trade, connect and collect all kinds of assets, tokens, and NFTs while you can also ​participate in decentralized auctions.

The most popular option of auctions is at a fixed price (fixed swap auction), decreasing price (Dutch auction), or hidden price (sealed-bid auction).

Bounce platform offers you multi-wallet support, and it is important to say that the Bounce web app is available for Ethereum and Binance Smart Chain-based assets.

AUCTION token has achieved an impressive gain in October 2021, and it has reached a record high above $69.

Since then, the price has collapsed, and if you decide to trade this cryptocurrency in the upcoming days, you should consider that AUCTION can weaken even more.

The cryptocurrency market is losing its value this Friday, the price of AUCTION can easily back below the $20 support level, and probably it is not the best moment to buy this cryptocurrency.

Financial markets have collapsed as news of a new COVID variant makes investors around the world worried. The Director of the Centre for Epidemic Response and Innovation in South Africa, Prof. Tulio de Oliveira, said:

This variant surprised us; it has a big jump on evolution and many more mutations than we expected. If it indeed turns out to have strong immunity to the vaccine, then vaccination efforts so far may become ineffective, and nations around the world may look at enforcing new lockdowns.

From its peak of $69,000, Bitcoin is currently down more than 20%, and the upcoming days may bring more pain for the cryptocurrency market.

Bears in control of AUCTION Data source: tradingview.com

The strong support level for AUCTION stands at $20, and if the price falls below it, the next price target could be around $15 or even below.

On the other side, if the price jumps above $35, it would be a strong “buy” signal, and we have the open way to the $40 resistance level.

Summary

The cryptocurrency market is losing its value this Friday; Bitcoin went below the $55000 support, which also negatively influenced the price of AUCTION. The price of Arweave can easily back below the $25 level, and probably it is not the best moment for investing in this cryptocurrency.

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