BODEN Token Price Nosedives 99% From Its ATH, Here Are the Key Levels to Watch

A surge of 392% in BODEN's trading volume was recorded in the last 24 hours. It was followed by a substantial decline in the price of the token.

As we write, the Jeo Boden token price has dropped by 99% from its all-time high price. Its all-time high (ATH) was recorded three months ago, and attaining that level might be daunting for the bulls.

Price Overview Chart of BODEN | Source: CoinMarketCap

A surge of 392% in BODEN’s trading volume was recorded in the last 24 hours. It was followed by a substantial decline in the price of the token. It indicated that huge activity was going on in the token price.

The market cap value of the Jeo Boden was certainly low at $6.45M, and its market cap ranking was #2589. Its volume/market cap ratio was 189.68% at press time. That shows massive liquidity in the token price.

The self-reported circulating supply of the Joe Boden token was 690.33M BODEN, and its total supply was also the same. Additionally, the fully diluted market cap of the token was $690.33M BODEN.

The Joe Boden token price witnessed bearish sentiment while its volatility was extremely high at 64.61%. It showed a very high possibility of uncertain spikes in the meme coin’s price.

BODEN Token Technical Analysis

The recent decline and profit booking in the trading price of BODEN crypto led to a drop below crucial levels.

Joe Boden Token Daily Price Chart | Source: Tradingview

The analysis of the 4-hour chart showed that the crypto price consistently declined from the swing high of $0.3636776. Over the past four months, BODEN has lost over 75% of its value from this peak, forming lower swing highs and lower lows.

This downward trend resulted in the formation of an expanding falling wedge pattern. There was a solid support at $0.0750. A further significant decline could occur if the price falls below that level.

For BODEN to initiate a rebound, it must break above the upper band of the falling wedge pattern and sustain this position on the 4-hour chart. A decisive break above the critical level of $0.1765 would be necessary to confirm a bullish trend and signal a potential recovery.

BODEN/USD Chart by TradingView

On the 4-hour chart of BODEN crypto, the price fell below both the 20-day and 50-day EMAs. It formed a death crossover and indicated a bearish trend. This significant decline reflected the increasing downward pressure on the PolitiFi token price.

Furthermore, the price dropped below the lower band of the Bollinger Bands, closing beneath them. This movement suggests a breakdown in the price, accompanied by substantial volatility.

The MACD and the signal line exhibited a bearish crossover, confirmed by forming a bearish histogram. The signal line on the 4-hour chart also dipped into negative territory, reinforcing the bearish outlook.

After reaching overbought levels, the RSI fell below the 50 mark and the 14-day SMA, indicating a decrease in crypto momentum and a rise in bearish sentiment.

Summary

The BODEN token price was down 99% from its all-time high, with only a 15% gain from its all-time low. A 392% surge in trading volume indicated high volatility.

Technical indicators, including a death crossover, a bearish MACD, and a declining RSI, suggested solid bearish momentum and potential for further declines.

The support levels for the BODEN token at press time were $0.00500 and $0.00800, whereas the resistance levels were $0.0750 and $0.1760.

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

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