- Drip crypto price declined 19.14% during the weekly trading session.
- Technical indicators summary reflects a neutral perspective at the current phase.
- The trading volume has increased by 32.48% in the last 24 hours.
Launched in July 2021, Drip network (DRIP) offers a 1% daily return on investment (ROI). It is the first deflationary daily ROI platform. The network has three main aspects: its daily reward, referral system, and compounding mechanism. These rewards come from the 10% tax on all the transactions. DRIP is a BEP-20 token on the Binance Smart chain (BSC), which is secured using a proof-of-stake (PoS) consensus mechanism.
Drip Network has Returned 196.04% in the last Six Months
DRIP token price witnessed a massive buying on the $0.0110 extreme support level. The price surged over 280% to the $0.0435 supply level. Afterward, crypto buyers started executing their positions, which resulted in a bullish correction.
The crypto price made a pullback on the $0.0227 decisional point of interest (POI) on January 25, 2024. Subsequently, the price experienced an impulsive bullish move with over 200% return to the $0.07851 major supply zone.
However, the Drip network price faced a very strong resistance from that level. This resulted in a fall of more than 80% on the $0.0134 demand level. At present, the buyers are slowly entering the $0.0134 demand zone.
Supply Of the DRIP Tokens
The Drip crypto tokens’ maximum supply is set to be 100 million DRIP, making it a deflationary cryptocurrency. The total supply is at 1 million, of which 0.10% are in current circulation. Current market capitalization stands at $1,480.42.
24-hour trading volume is at $2,943.37, ranked 5289th ou of all the 9236 active cryptocurrencies. The current volume-to-market capitalization ratio (VMR) is at 198.82%, which reflects higher liquidity in the current phase.
Technical Analysis of the DRIP Token Price
On December 8, 2023, the price crossed above the 50-day exponential moving average, which played as a dynamic support. The price moved over 180% after rebounding from the 50-day EMA and again slipped below.
The $0.0435 decisional bullish POI failed to prevent the DRIP token price from falling. The price dropped to the $0.0134 demand level from the $0.0785 resistance. Current price is slowly gaining attention from buyers.
The price surged over 50% from the $0.0134 demand level. However, it is falling to the same POI. The price can reach the $0.0343 resistance if it gives a breakout from the $0.0200 immediate resistance.
Furthermore, the relative strength index (RSI) is moving parallel to the spot price chart. This indicates a neutral perspective on the current price momentum. The RSI is moving at 39.59 below the signal line.
Summary
The DRIP token price has given a significant breakout from the $0.07293 resistance. This can lead to a potential trend reversal soon. The current price is trading near the extreme POI, which is a good opportunity for the buyers. Regarding the technicals, the price can reach the $0.0343 resistance if it gives a breakout from the $0.0200 immediate resistance.
Technical Levels
- Resistance Levels: $0.0200 and $0.0343
- Support Levels: $0.0134 and $0.0110
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.