- The price of the Drip Network crypto has advanced by 10,600% in the last one year.
- The DRIP cryptocurrency is not trading with any fiat currency.
Drip Network offers daily ROI through its DRIP token, promising 1% returns up to 365% of the principal. Launched by anonymous founders, it utilizes a 10% transaction tax, with features like referral rewards, compounding, and liquidity pool incentives to mitigate risks associated with rug pulls.
The circulating supply of the Drip Network crypto is not disclosed, while the self-reporting circulating supply of the crypto is 100K DRIP, which is 0.10% of the maximum supply of the crypto.
The Drip Network crypto’s volume/market cap ratio is 318.38%, followed by a market cap of $1.2K. This further results in a market cap ranking of #5726 per CoinMarketCap.
The trading price of the crypto has further declined by 6.6% in the last 24 hours, and the total crypto supply is 1.0M DRIP. This is further followed by a maximum supply of 99.99M DRIP, and the fully diluted market cap of the crypto is $1.235M.
DRIP crypto hit an all-time high price of $169.61 on January 26, 2022, and since then, the crypto has lost its value by 99.99%. The all-time low further recorded for the crypto is $0.01113. Also, the price has advanced by just 11.4% since its all-time low, which was further achieved on December 08, 2023.
The Coincodex represents the volatility of the crypto to be very high, resulting in 11.24%, and the sentiment of the crypto is also bearish. Furthermore, the fear and greed index of the crypto represents extreme greed.
DRIP Crypto Technical Analysis
The DRIP crypto trading price has been consistently forming lower lows and lower highs on the weekly chart indicating a strong downtrend in the crypto price. This is followed by the formation of equal highs at the bottom of the chart.
The following behavior price of the crypto indicates the possibility of further decline in the trading price which might be followed by the break of structure(BOS) to the bearish side on the weekly chart of the crypto.
DRIP/BUSD Chart by TradingView
Following a fresh bearish cross of the 20-day and the 50-day EMA, the price of the crypto is trading below the following EMAs. This is further followed by the death cross of the 50-day and the 200-day EMA which has been followed by very long on the daily chart of the crypto.
The MACD indicator is also presenting strong sell signal on the chart as the MACD and the signal line have declined below the zero level followed by a bearish cross.
The RSI further from the overbought zones has declined to the level of 34.5 on the daily chart of the DRIP crypto. The 14-day SMA on the chart is also sliding to the lower levels indicating bearish momentum in the price of the crypto.
Summary
Drip Network’s DRIP token experiences a sharp decline in price, losing 99.99% since its all-time high. With extreme volatility and a bearish sentiment, technical analysis suggests a continuing downtrend. The absence of disclosed circulating supply raises concerns, highlighting significant risks for investors amidst its downward trajectory.
Technical Levels:
- Support levels: $0.00500 and $0.0100
- Resistance levels: $0.07800 and $0.1700
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.