Whenever a relatively unknown and seemingly less-than-useful cryptocurrency rises in value out of the blue, there is a good chance its price retrace fairly shortly after. In this volatile industry, one of those coins can be found virtually every other day. Despite noting very strong gains a few days ago, it would appear the ABBC Coin price is dropping hard right now. Completely to be expected at this time, as the bearish pressure isn’t relenting.
ABBC Coin Price Returns to Normal Levels
Most people will readily agree the recent ABBC Coin pump took them by surprise. Not because of the intensity of the pump itself, but rather because the project itself seemingly doesn’t amount to all that much either. While it does try to use the Alibaba name, it seems to be very unsuccessful in this regard. As such, it is only normal the price comes down again after this recent surge. Slowly but surely, it appears to be returning to its pre-pump levels.
To put this in perspective, the ABBC Coin price hit $0.622 a few days ago. Ever since that time, it has retraced rather violently, which is only normal. Because of today’s 11.6% loss in USD value and 10.83% decrease in Bitcoin value, the current value dropped to $0.227653. It seems likely this value will continue to decrease and even hit $0.2 before the day is over. While there is still a lot of trading volume, it seems most traders are cashing out to keep losses to a minimum.
Because of this recent 36% decrease in value over the past 7 days, it remains to be seen what the future will hold for ABBC Coin moving forward. Its top markets are still TOPBTC, BitForex, and RightBTC< neither of which are all that popular among most cryptocurrency traders. Moreover, without clear use cases for this altcoin, it seems unlikely there will be a rebound in the near future. One never knows with these small altcoins, though,
For traders who bought the top, it seems unlikely they will recover their investment anytime soon, if ever. That is the danger when it comes to chasing pumps, as they will usually be over by the time most people take notice of them. ABBC Coin is a clear example, as all of the hype surrounding this project has evaporated when the market turned bearish. As that trend continues, it is evident traders who want to make money shouldn’t be looking to buy in right now.
At the same time, there was some initial excitement regarding ABBC Coin just yesterday. After a brief and unexpected 5.62% gain materialized out of the blue, some users thought history would repeat itself. In reality, things often work out very differently. That positive momentum was very short lived and how added to the pressure for ABBC Coin. For now, it seems likely to assume the weekend will bring more of the same.
With the weekend just around the corner, there is usually a sense of unease among cryptocurrency users. Since weekends usually yield bearish pressure, and the current trend is bearish already, the losses will either continue to pile up or some unexpected bullish momentum will materialize. For ABBC Coin, no real gains should be expected except for an out-of-the-blue bullish candle.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.