SPEED’s 32.98% 24-hour drop reflects profit-taking after a parabolic 789% 30-day rally, amplified by overbought technicals and Bitcoin-centric market conditions.
The 7-day RSI at 85.36 (14-day: 78.17) signaled extreme overbought conditions, historically preceding sharp corrections. Prices fell below the 50% Fibonacci retracement level ($0.00103), accelerating sell-offs as traders locked in gains from the 214% weekly surge.
The MACD histogram (+0.0000306) shows fading bullish momentum despite a positive crossover, while the 10-day SMA ($0.000312) now acts as potential support.
2. Market dynamics
Bitcoin’s dominance rose to 65.04% (up 1.11% weekly), reflecting capital rotation away from altcoins like SPEED. The Altcoin Season Index (23/100) confirms Bitcoin-focused trading, with SPEED’s 89.89% 24-hour volume spike ($1.44M) likely representing exit liquidity for early buyers.
Conclusion
SPEED’s drop combines profit-taking after unsustainable gains with a risk-off shift toward Bitcoin. Watch whether the $0.000312 SMA holds as support amid thin liquidity.
Could Bitcoin’s dominance staying above 65% prolong pressure on microcap alts like SPEED?
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