AB Plummets 17% in 24 Hours Amid Market Manipulation

AB, a prominent cryptocurrency, experienced a significant decline of 17% within a 24-hour period, erasing a substantial portion of its monthly gains, which had previously stood at approximately 70%. This sharp drop was largely attributed to market manipulation aimed at achieving a lower entry price. Technical indicators suggested that selling pressure could intensify in the coming trading sessions. The breach of the ascending support line on the 4-hour chart weakened the bullish control, as the price retraced toward the $0.01002 zone, where the rally had initially begun. This trendline had previously served as a base for multiple upward pushes, and its breach indicated a potential shift in market sentiment.

The decline in AB's value was further exacerbated by the formation of a Death Cross pattern on its 1-day Moving Average Convergence Divergence (MACD) indicator. This bearish signal implied that the price could soon experience a significant decline, with the potential for an accelerated fall if the MACD and signal line crossed into negative territory. This outlook aligned with the distribution phase that had begun in the last 24 hours, as distribution volume in the market reached -454 billion, a substantial bearish signal suggesting that investors were more inclined to sell than hold. If this bearish trend persisted, AB was likely to remain on this downward path and continue losing value.

Despite the bearish indicators and the significant decline in AB's value, 77% of CoinMarketCap voters still expected a rebound. However, price movements are not solely driven by hope, and the market sentiment remained pessimistic as the price broke below $0.012. Community sentiment showed optimism climbing again as of the 21st of June, but the market continued to paint a red picture. The discrepancy between voter sentiment and market reality highlighted the complex nature of cryptocurrency markets, where technical indicators and market manipulation can significantly impact price movements.