LION coin continues to struggle to break out of its downward trajectory on Tuesday, losing 1.49% at the time of writing to trade at 0.0000994 at the time of writing. That the coin has broken a key psychological support by adding another decimal point to its price. This underpins the community-focused token’s troubles over the last month.
Lion coin is an experiment on distributed autonomous community building, with 20 billion tokens distributed equally across Solana, Blast, BNB Smart Chain and GateChain. The enthusiasm over the project has evidently diminished in recent times, going by a miniscule $16,483 worth of trading volume in the last 24 hours.
The token has declined by 68% from its ATH of 0.000311 set in February, and has lost about 21% of its value in the last week. This has created a FUD sentiment around the token, at a time when the crypto industry is relatively strong.
Notably, the crypto bellwether, Bitcoin, has also stepped down from its ATH steam over the last week. However, while Bitcoin has only lost 8% of its value during that period, LION has lost almost triple that figure. This show that the coin is relatively detached from the rest of the crypto market. Furthermore, LION hit its ATH on March 2nd, 2024, 11 days before BTC recorded its ATH. Part of this detachment is because the only centralised exchange where LION is traded is on Gate.io. Most of the trading takes place on DEXs including MDEX and Jupiter.
Technical analysis
LION has encountered resistance at 0.00012, and the RSI indicator favours control by the sellers. The downside will prevail as long as resistance remains at that mark. The resulting momentum could break the support at 0.000088, which could extend to 0.000060. However, a move above 0.000012 could build momentum to put control in the hands of the buyers. That could propel a move past 0.000015, and potentially as high as 0.000018 in extension.
