Absolute Bearish Domination in Ben Coin Price; Bulls Last Chance?

• BEN crypto price declined 22.08% during the weekly trading session.
• Technical indicators summary suggests a strong negative signal in the current phase.
• The trading volume of Ben coin has decreased by 35.53% in the last 24 hours.

Ben’s (BEN) coin project was a meme coin that started as a joke to connect everyone. However, the meme coin has become a utility token controlled by Bitboy crypto. The project’s primary goal is the universal adaptation of cryptocurrency in daily life. The project seamlessly onboarding new crypto users by promoting crypto regulations, unbiased crypto news, accessibility of crypto education for everyone, etc.

Ben Coin Reflects Over 90% Negative Profits in Six-month Session.

Since December 2023, the Ben coin price has been facing negative drawbacks. The cryptocurrency experienced over 45% negative returns during that month. The opposing rally also continued in January 2024 with 24.90% negative profitability in crypto price. The adverse outcomes completely shifted the market sentiments to bearish.

The cryptocurrency got strong support from investors in February 2024, resulting in an over 25% upsurge. However, the Ben coin failed to meet investors’ expectations in March 2024, which resulted in a total price dump. The current month has become a panic phase for crypto investors, with over 35% decline.

Supply and Valuation of the Ben Coin

The maximum supply of the cryptocurrency is capped at 420.69 trillion, which is currently circulating in the market. The total diluted valuation of the project is estimated at around $991.49 million. However, the current market capitalization stands at $9.85 million. 

Ben crypto reflects less liquidity with a volume-to-market capitalization ratio of 0.05%, making digital currency less available in exchanges. The trading volume has reached $416K in the last 24 hours.

Technical Analysis of the Ben (BEN) Price

The short-term outlook lies below the key exponential moving averages on the bearish side. The 50-day EMA can become a dynamic resistance for the Ben coin price in upcoming sessions.

BEN coin price faced strong resistance from the $0.00000949 supply level. The price reflected an over 60% bearish rally, breaking below the $0.00000442 key bullish point of interest (POI). The current price is trading above the $0.00000357 extreme demand zone. If the price slips below this level, then it will fall further. For a bullish reversal, the price must give a breakout of the $0.00000626 resistance.

The relative strength index (RSI) shows an opposing momentum in the current phase, reflecting absolute bearish dominance. The RSI is moving at 29.63 below the signal line.

Summary

The Ben coin price has been performing with bearish sentiments since December 2023, although the price had a bullish phase in February 2024. The cryptocurrency reflects negative returns in all sessions. The current BEN price is trading at the $0.00000357 extreme demand zone. The price may fall further if the price slips below that extreme demand level. Conversely, the price must close above the $0.00000626 resistance.

Technical Levels

• Resistance Levels: $0.00000626 and $0.00000789
• Support Levels: $0.00000357

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 monetary loss.