Kin Crypto Plummets Amidst Bearish Assault

The KIN cryptocurrency is experiencing a sharp selloff, with its price falling below the 200-day EMA and key moving averages. This breakdown, coupled with a death crossover, indicates a bearish trend with sellers aggressively entering short positions. The KIN/BTC pair is trading at 0.000284 BTC, and the market cap is $1.29 billion. Analysts predict a further decline in KIN's price, potentially retesting the $0.00001250 mark.

Kin Crypto Plunges Amidst Bearish Dominance

The Kin crypto market has succumbed to a relentless sell-off, witnessing a sharp decline below the crucial 200-day exponential moving average (EMA). This breakdown signifies a loss of confidence among buyers, prompting them to unwind their long positions and seek refuge in short-term trades.

The downtrend has been further exacerbated by a "death crossover" on the chart, a technical indicator that occurs when the 50-day moving average crosses below the 200-day moving average. This bearish pattern suggests that the downtrend is likely to persist, inviting aggressive short positions from sellers.

The market's pessimistic outlook has contributed to a substantial correction phase, propelling the Kin price downwards by over 40% during the current month. At the time of writing, the Kin token (KIN) hovers around $0.00001462, marking an intraday plunge of 4.20%.

The monthly return for KIN stands at a dismal -34.20%, while the yearly loss has reached -62.28%. The KIN/BTC pair currently registers at 0.000284 BTC, with a market capitalization of $1.29 billion.

Volume Profile Analysis

The daily chart of KIN portrays a surge in trading volume by over 6.29% to $246,379, reflecting the increased activity of sellers pushing the price further into the bear territory. This activity indicates that the selling pressure is unlikely to subside anytime soon.

Sentiment and Volatility

Despite the ongoing price drop, volatility has declined slightly in recent trading sessions. The price volatility curve has shed over 11.20% to 0.01, suggesting a possible easing of selling pressure. However, the weighted sentiment remains positive, hovering above the midline at around 0.789.

Technical Analysis

The price action on the daily chart underscores the prevailing downtrend. KIN has tumbled below key moving averages, including the 50-day and 200-day EMAs. The price currently teeters near a critical support-resistance level of $0.00001400. If this level is breached, it could trigger a further sell-off.

According to Fibonacci levels, KIN has plunged through the 23.6% zone, signaling a bearish trajectory. The relative strength index (RSI) remains in the oversold region, indicating a potential capitulation of sellers. Additionally, the moving average convergence divergence (MACD) indicator has formed a bearish crossover, hinting at additional downside potential.

Supply and Market Position

The total supply of KIN stands at 2.94 trillion tokens. The volume-to-market cap ratio registers at 0.00585, indicating a relatively low trading volume compared to the overall market capitalization. KIN is currently ranked 842nd in terms of market capitalization in the global cryptocurrency market.

Conclusion

The Kin crypto market has taken a severe beating, succumbing to unrelenting selling pressure and a breakdown below crucial support levels. The formation of a death crossover and the widening gap between the 50-day and 200-day EMAs underscore the bearish dominance. The ongoing correction phase could see KIN retest the downside region of $0.00001250 in the near future.

Technical indicators, including the RSI, MACD, and Fibonacci levels, point towards further underperformance. The positive weighted sentiment suggests that some traders may view the current dip as a buying opportunity, but caution should be exercised given the prevailing market conditions.

Support levels to watch include $0.00001400 and $0.00001320, while resistance levels stand at $0.00001560 and $0.00001800. Traders are advised to closely monitor the market dynamics and proceed with caution.