Cope (COPE) crypto tanks to an all-time low. When can it rebound?

May 25, 2022 04:48 AM PDT | By Manu Shankar

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Cope (COPE) crypto tanks to an all-time low. When can it rebound? — Image source: © Positivecrash | Megapixl.com

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Highlights

Cope crypto (COPE) is primarily a next-level interactive leaderboard ecosystem built on top of the Solana platform.

Cope crypto is trailing on Wednesday after it tanked to an all-time low of US$0.066644 on 24 May.

The 3007-ranked crypto on Wednesday was trading at US$0.076136 with a trading volume of US$16,16,217 over a day, according to CoinMarketCap.

Cope crypto (COPE) is primarily a next-level interactive leaderboard ecosystem built on top of the Solana platform. As a leaderboard system, it offers the traders an insight into their calls and them ranks them accordingly.

Though there is very little information related to the Solana-based COPE crypto, according to the website, the users can make the most with a series of PlayFi protocols and stand a chance to earn COPE rewards. The users of the COPE crypto can also stake their tokens across pools in the Solana ecosystem like Raydium and Orca and, in the process, stand a chance to earn rewards in COPE crypto.

The COPE crypto on 25 May was making headlines following its drastic fall as it was down by 73%. However, it maintained a strong interest despite its fall as its volume was up by 4875% in the past 24 hours.

Why is Cope crypto trailing?

Cope crypto is trailing further on Wednesday after it tanked to an all-time low of US$0.066644 on 24 May. This is a drastic fall considering earlier this month on 16 May it managed to register its all-time high of US$8.54.

Although the sudden change of fortune in COPE is still unknown, the chart indicates that it has been witnessing a bearish run for some time now. This has pushed the COPE crypto’s RSI to a low of 20.85 in the intra-day trading session.

Image credit: Trading View

Although the sudden change of fortune in COPE is still unknown, the chart indicates that it has been witnessing a bearish run for some time now.

The participants seem to be pulling out of COPE crypto due to its prolonged bear run. The MACD line (in blue) seems to second that notion as suddenly the momentum appears to have fizzled out with bears in complete control of the token.

How is COPE price faring today?

The 3007-ranked crypto on Wednesday was trading at US$0.076136 with a trading volume of US$16,16,217 over a day, according to CoinMarketCap. COPE is down by 73.18% over the past 24 hours and has a fully diluted market cap of US$3,870,882 and a maximum supply of 5,00,00,000 COPE coins.

Cope crypto’s bearish trend has now extended, with it suffering losses of over 78% in the past 30 days.

Image Credit: Trading View

The short-term Bollinger bands in the chart above appear to be considerably wider, suggesting heightened volatility, especially with the massive price drop. The enormous losses have erased the greens' gains, and the investors will hope to reduce the losses in the bear market.

The market participants, especially during the period of high volatility, should be careful not to take any decision without proper market research.

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