AUCTION Surges 140.89% in Week, Nears All-Time High

AUCTION, a prominent altcoin, has experienced a remarkable surge in its price, increasing by 140.89% over the past week. As of the latest data, the token was trading at $60.3, with a significant 24-hour trading volume. This rapid ascent has brought the token close to its all-time high of $70.44, raising questions about whether holders should secure their profits or anticipate further gains.

The 1-day price chart indicates that the trading volume has been on an upward trajectory since February, surpassing the volumes recorded in November and December. This sustained increase in volume, coupled with the Money Flow Index reaching 97, suggests a strong bullish sentiment. However, with the token's price nearing its all-time high, it may be prudent for investors to consider taking profits.

On-chain metrics from Santiment provide additional insights into the current market dynamics. The supply held by whales has been decreasing since mid-February, indicating a distribution phase where larger market participants are likely taking profits. Additionally, the Mean Coin Age has been trending downward, further supporting the notion of a network-wide distribution. The 30-day MVRV ratio stands at 92.98%, the highest since December 2023, implying that short-term holders are currently at a high profit. This presents a favorable opportunity for investors to secure at least partial profits.

For those committed to holding AUCTION, the Fibonacci extension levels suggest that the next target is at $76.23, with the 100% Fibonacci retracement level indicating a potential target of $93.25. While these targets are achievable given the project's circulating market capitalization of $404 million, the current market sentiment, particularly for smaller altcoins, may favor profit-taking as a prudent strategy. New buyers in recent days have seen quick gains, but the risk of FOMO (Fear Of Missing Out) could be detrimental, especially as the MFI indicates an overextended market.