Space ID Is In Crisis As Token Price Drops 27% In 7 Days, Should We Buy?

Key Points:

• Space ID, a web3 domain project built on BNB Chain and other blockchains, is experiencing a significant drop in token price.
• The ID token has dropped over 27% in the past 7 days and is currently trading near its support level of $0.26.
• There is a bearish sentiment as the token struggles to break out of the support area, and if the price drops below $0.24-$0.26, a new bottom may form.

Space ID, a web3 domain project that built on BNB Chain and then expanded to other blockchains like Ethereum and Arbitrum, is at a disadvantage as the token price keeps making new lows.

Space ID uses blockchain technology and smart contracts to give individuals control over their personal data while still keeping their identity secret and safe. It also provides a decentralized domain name service (DDNS), which enables users to register domain names for Web3 identities and other decentralized apps.

This is one of Binance’s Launchpad projects with great investment potential. However, after only three months of launch, the ID token price dropped significantly after the euphoria in April. Space ID has seen its token, ID, drop more than 27% in the past 7 days.

Over the last five days, Space ID showed a pervasive risk-on sentiment as its price dropped to the $0.26 support area. ID is currently trading near its midpoint for the past five days. The token is attempting to regain the 78.6% Fib level at $0.28, but with strong selling, this is unlikely to happen anytime soon.

ID price is trading near support. The fact that the token price is trying to break out of the $0.26 support area to a weak upward move shows that bears have the upper hand. Next time if the ID price breaks through the June 28 drop and moves up to the 61.8% Fib level, this will be seen as a small win to get back into the market. Or not, if the price breaks through $0.24-$0.26 to the downside, a new bottom will form, and of course, we don’t know how likely the price will go down.

The fact that investors choose to hold ID at the moment will definitely cause more losses, so it is necessary to have a thorough assessment before buying more or cutting losses at the necessary level.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News