DNA briefly broke above $0.3 before retreating to $0.28
NeoSoul (DNA) surged above $0.30 intraday but failed to hold, and is now trading at $0.28, with an FDV of $280 million and 24-hour trading volume of $37 million.
Trading volume amounts to over 13% of FDV, indicating extremely heavy turnover between $0.28 and $0.30. The upper wick left by the spike suggests there wasn’t enough buy-side depth from market makers at this price to absorb the sell pressure from early holders who bought at lower levels. $0.26 was the launchpad for this rally. If the price pulls back on lower volume and holds there, it may be in a position to retest $0.30 and try to stay above it. But if it breaks below that level on high volume, the previous high-volume trading zone at $0.21–$0.22 will be the next support area, with little in the way of accumulated holdings in between. The price action has been weak and range-bound over the past few days. Incremental capital tends to exit small-cap tokens fastest, so the pace of any rebound will follow the broader market.
Those of you holding DNA, what’s your cost basis? At $0.25, are you adding or reducing your position?
$BTC $ETH $SOL
NeoSoul (DNA) surged above $0.30 intraday but failed to hold, and is now trading at $0.28, with an FDV of $280 million and 24-hour trading volume of $37 million.
Trading volume amounts to over 13% of FDV, indicating extremely heavy turnover between $0.28 and $0.30. The upper wick left by the spike suggests there wasn’t enough buy-side depth from market makers at this price to absorb the sell pressure from early holders who bought at lower levels. $0.26 was the launchpad for this rally. If the price pulls back on lower volume and holds there, it may be in a position to retest $0.30 and try to stay above it. But if it breaks below that level on high volume, the previous high-volume trading zone at $0.21–$0.22 will be the next support area, with little in the way of accumulated holdings in between. The price action has been weak and range-bound over the past few days. Incremental capital tends to exit small-cap tokens fastest, so the pace of any rebound will follow the broader market.
Those of you holding DNA, what’s your cost basis? At $0.25, are you adding or reducing your position?
$BTC $ETH $SOL