Drip Network Price Under Selling Pressure, Down 40.29% In A Month

• DRIP token price fell below the $0.0110 which is now an extreme bullish point of interest (POI).
• The trading volume has a massive rise of 428.74% in the last 24 hours.
• Moving averages suggest a strong negative signal in the current phase.

Launched in July 2021, the Drip Network offers investors 1% daily returns on their investment for up to 365% of their principal. It is the first deflationary daily ROI platform that offers a daily return on investment by charging a 10% tax on all transactions. DRIP is a BEP-20 token on the Binance Smart Chain (BSC) secured using a proof-of-stake (PoS) consensus mechanism.

Drip Network Six-Month Returns has Declined to -70.44%

Like many other cryptocurrencies, the DRIP token price also experienced a massive rise in value during the last quarter of 2023. The cryptocurrency reflected over 110% returns in December 2023. However, the price failed to sustain the expectations of crypto enthusiasts in January 2024, resulting in only a 3.22% upsurge.

Conversely, the DRIP price gained momentum from the $0.0253 demand zone on February 14, 2024. This resulted in an impulsive, bullish rally to the $0.0785 resistance with an upsurge of over 200%. Unexpectedly, the token faced heavy selling on February 22, 2024, which resulted in a negative fall of over 85% to date.

Supply and Valuation of the Drip Network (DRIP) Token

The maximum total supply of the DRIP tokens is 233.58 million, of which 1 million are currently in circulation. The full diluted valuation of the network is assumed to be at $1.08 Million. The current market capitalization of the DRIP tokens stands at $1.078.33.

There are 164,935 active wallets holding the cryptocurrency. The top 3 holders collectively own 25.66% of the current supply tokens, which hardly stands at 59.92 million DRIPs. The number one wallet address holds 28.15 million tokens, which is 12.05% of the total supply.

Technical Analysis of the Drip Network (DRIP) Price

The bearish outlook lies below the 50-day key exponential moving average. The Drip Network price slipped below the key EMA on February 22, 2024. Since then, the price has been struggling below the 50-day EMA, reflecting a bearish shift in trend.

DRIP token price has gotten a bullish response from the $0.0134 extreme demand zone on March 6, 2024. The price rose over 50% to the $0.0200 level and made a complete U-turn, resulting in a fall of 45% below the $0.0110 extreme support. The token price will continue falling further unless a rise above $0.0200 happens.

The relative strength index (RSI) line is showing weakness in the price momentum. It indicates the buyers and sellers are slowly losing hope for the token price in the current sessions. The RSI line is moving at 30.01 on the oversold area.

Summary

Drip Network price reflected the massive rise in December 2023. However, crypto investors failed to sustain the price above the $0.00435 POI. The cryptocurrency is experiencing negative six-month returns. The price will continue to experience negative results unless a sharp closing above the $0.0200 mark happens.

Technical Levels

• Resistance Levels: $0.0200 and $0.0343
• Support Levels: $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.