- Michi (MICHI) crypto price has dropped by 50% in the past 3 days.
- A death crossover was seen in the RSI, demonstrating sellers’ dominance.
- 100% of its total supply is diluted.
Since mid-May, the Michi price has performed negatively and received support at the $0.100 mark. Buyers defended the $0.100 mark and surged by 200% in 5 days. However, it failed to continue, and sellers dominated, dragging the price below the 20-day EMA.
MICHI was trading at $0.152 at press time with a neutral momentum in the past 24 hours. The market capitalization was $84.37 Million, and the 24-hour trading volume was $26.82 Million at the time of writing. The circulating supply and the total supply is 555,770,507 MICHI.
Huge Profit Booking in Michi Crypto
Someone sold 8.6M $michi for 1.34M $USDC at a price of $0.1557, making a profit of $1.24M!
— Lookonchain (@lookonchain) July 4, 2024
He spent 578 $SOL($103K) to buy 8.6M $michi at $0.01186 from Apr 8 to Apr 15, worth ~$5M at the peak.https://t.co/rtM3uEC02W pic.twitter.com/X1q4mfEpWM
Some data on X suggested that someone has booked a $1.24 Million profit by selling 8.6 Million $michi worth 1.34 $USDC. That trader had spent 578 $SOL worth $103K to buy 8.6 Million MICHI at $0.01186 from April 08 to April 15.
Buying Pressure After Pullback?
$michi
— Atlas (@AtlasTradez) July 3, 2024
Got the pullback, expecting a higher low to form in this area. https://t.co/JO6pynGiOa pic.twitter.com/PKmgzeYJzF
A source on X claimed that MICHI seeked a higher low area to form an area. The price is expected to fall till the $0.148 mark. A few weeks earlier, MICHI had risen to a higher low, and great buying pressure was witnessed.
Technical Indicators
RSI is 42 and had developed a bearish crossover with the RSI-based moving average. It demonstrates bearish momentum and was heading for the oversold zone. The Michi crypto price had declined below the key moving averages, reflecting a bearish forecast.
Technical Analysis of MICHI Crypto Price Over 1-D Timeframe
Michi crypto price has displayed weakness on the chart and declined by 50% in the past 3 days. The digital asset price slipped below the 20-day EMA, reflecting sellers’ dominance.
The digital asset price declined below the 20-day EMA. If the price sustains below it, sellers might show interest, which may result in a bearish momentum. If the price fails to defend the $0.100 support level, it could be followed by strong selling pressure.
On the other hand, if the MICHI price surpasses the 20-day EMA and the trading volume increases, it might be good for the bulls’ perspective. Assuming the price starts trading over the $0.300 mark, investors may get attracted and lead the trend in a broader frame.
Will Buyers Bounce Back, or Sellers Would Dominate?
The recent performance of MICHI crypto has been marked by a significant drop in price, with the sellers dominating the market. Technical indicators and analysis suggest a bearish momentum, with the price slipping below key moving averages and facing a potential bearish trend if it fails to defend the support level of $0.100. However, buyers can bounce back if the price falls to the $0.148 mark.
Technical Levels
The bullish momentum in the Michi crypto may disturb near the $0.300 and $0.400 mark. The price may take support at the $0.150 and $0.100 levels.
Disclaimer
This article is for informational purposes only and provides no 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.