Is AUCTION a good buy opportunity after a recent sell-off?

By: Invezz

AUCTION/USD remains under pressure; the price of this cryptocurrency fell from $65 below $45 in less than several hours. Technically looking, the risk of further decline still persists, and if you decide to buy this cryptocurrency at the current price, you should use a “stop-loss” order because the risk remains high.

Decentralized platform for auctions

AUCTION is a token that powers a decentralized auction platform Bounce by supporting incentives on the protocol while it also provides benefits and governance rights for holders.

Bounce allows you to connect, trade, build, and collect all kinds of assets, tokens, and NFTs across multiple blockchains and participate in decentralized auctions.

The assets can be auctioned in several ways, but the most popular is at a fixed price (fixed swap auction), decreasing price (Dutch auction), or hidden price (sealed-bid auction).

Bounce provides a competitive environment for a limited supply of tokens or other assets, and it is important to say that the Bounce web app is available for Ethereum and Binance Smart Chain-based assets.

Bounce platform offers you multi-wallet support, and it works with the most commonly used cryptocurrency wallets, such as Coinbase Wallet, Binance Chain wallet, WalletConnect, Trezor, Ledger, and MetaMask.

The popularity of this project is growing, and according to the latest news, Bounce announced a strategic partnership with NFTb, the Complete Multi-chain DeFi and NFT platform for Communities. The marketing team of Bounce reported:

Bounce has been investing a great deal of its development power in NFT for the entire bull, and we have launched Fangible as a sub-brand of Bounce exclusively focusing on NFT. We believe that together with NFTb, Bounce will deliver even more exciting functions and real benefits to the entire crypto world.

Another positive news is that the AUCTION token was listed on Coinbase on October 19th, and to celebrate this listing, Coinbase started a quiz campaign where users can earn $3 in this cryptocurrency.

Bears in control of AUCTION Data source: tradingview.com

AUCTION has collapsed from its recent highs above $65 registered this Friday. The risk of further declines is still not over, the critical support level stands at $40, and if the price breaks it, it could be the beginning of a bigger downtrend.

On the other side, if the price jumps again above $50 resistance, we have the open way to $60.

Summary

Bounce is a project with big potential, but probably it is not the best moment to buy an AUCTION token. The cryptocurrency market is losing its value this Friday; Bitcoin’s price has weakened from its recent highs, and the price of AUCTION can weaken from the current price levels if the negative trend continues.

The post Is AUCTION a good buy opportunity after a recent sell-off? appeared first on Invezz.

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