- AB has experienced a significant decline, largely attributed to market manipulation tactics aimed at lowering the entry price.
- Technical indicators indicate that selling pressure could escalate in the upcoming trading sessions.
AB [AB] witnessed a 17% drop in the last 24 hours, erasing a substantial portion of its recent monthly rally, which currently stands at approximately 70%.
The breach of the ascending support line on the 4-hour chart disrupted the market structure, signaling a weakening of bullish dominance.
AB’s Bearish Trend Intensifies Amid Manipulation Concerns
The downward trajectory of AB on the 4-hour chart commenced after breaking below the ascending support line, dismantling the bullish framework.
This support line had previously acted as a foundation for several upward movements. Following the breach, the price retraced towards the initial rally starting point, around $0.01002.
Source: TradingView
Interestingly, a long-wick candlestick formed on June 16, closely aligned with this same level. This candlestick, along with the horizontal marker on the chart, hinted at underlying motives.
It appears that some traders may be deliberately driving the price down to fulfill limit buy orders positioned near the earlier breakout point.
Whether orchestrated or opportunistic, this decline seems more strategic than chaotic.
Identification of Death Cross Pattern
An additional wave of bearish momentum is contributing to the mounting downward pressure.
At present, a Death Cross pattern has emerged on AB’s 1-day Moving Average Convergence Divergence (MACD) indicator.
This bearish signal suggests a potential significant decline in price. If the MACD and signal line intersect into negative territory, the descent could accelerate.
Source: TradingView
This observation aligns with the distribution phase initiated within the last 24 hours.
Currently, the distribution volume in the market has reached -454 billion, indicating a significant bearish sentiment where investors are more inclined to sell than hold.
If this bearish trend persists, AB is likely to continue its downward trajectory and endure further depreciation.
Can Bullish Sentiments Reverse AB’s Decline?
Interestingly, despite the price breaking below $0.012, 77% of voters on CoinMarketCap anticipate a rebound. However, market movements are driven by more than just optimism.
Source: CoinMarketCap
As of June 21, Community Sentiment has shown a resurgence in optimism even as the price continues to decline below $0.012.
While the community remains hopeful, market trends indicate a different narrative with a bearish outlook prevailing.
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