+34
Backpack token rallied over 43% in 24 hours to a new high of $1.3994, driven by a resurgence in the real-world asset sector, increased social sentiment, and a massive spike in perpetual liquidations of shorts. While metrics like volume and total assets deployed reached new highs, technical indicators suggest potential buyer exhaustion and an upcoming correction.
Backpack rallied more than 43% in the past 24 hours, bringing its weekly gains above 121%. During this period, the price of BP went on to make a new peak value of about $1.3994.
Even in trends, BP led all other coins in social sentiment. Other factors that contributed to this sharp uptick in price were volume and total assets deployed.
First, there was a market-wide resurgence in the real-world asset sector, with BP leading all in daily gains, according toThe uptrend was amplified by a spike in perpetual liquidations of shorts, which was 73 times bigger than that of longs. For instance, Total Assets deployed on BP reached a new high of $604.75 million. Over the past week, the average daily asset transfer count reached 1 million.
Additionally, the monthly token trading volume surged by 175%, to about $157 million. But from a daily perspective, the volume had quadrupled from $7 million to over $29 million.
However, its monthly DEX trading volume declined by 12%, even though it remained high at $1.10 billion. On the charts, BP was respecting a rising trendline support over the past 8 days. In fact, the altcoin was trading above $1, but bulls were potentially losing grip. The Bull Bear Power reinforced this declining buyer momentum.
Even the Chaikin Money Flow indicated capital was leaving the coin. The CMF indicator plunged from 0.40 to negative 0.08. This data explains why BP appears to be entering a correction phase. If the altcoin retraces to the slanting support, it would align with the 0.786-0.90 Fibonacci Retracement level.
Still, traders should be wary of BP equalling its peak value at $1.3994 before an actual retracement. But that is not certain, as there were aggressive sellers above $1.30. The trend was clearly evident as candles were closing at or below this level with a lot of wicks above. Backpack rallied over 43% in the past 24 hours and hit a new high amid a resurgence in the broader RWA sector.
AMBCrypto was founded in 2018 with a mission to simplify and bring the latest blockchain and cryptocurrency news to our readers. We have quickly grown into the digital news source for an emerging generation of cryptocurrency enthusiasts, reaching more than a million readers on a monthly basis, across the globe.
Please follow us on Google to support usBackpack Cryptocurrency RWA Price Surge Market Analysis
Canada Latest News, Canada Headlines
Similar News: You can also read news stories similar to this one that we have collected from other news sources.
Official Trump Token Drops 11.28% as Selling Pressure MountsOfficial Trump token fell 11.28% in 24 hours amid a broader crypto market correction, with spot volume rising 15.47% to about $505 million as sellers dominated both spot and futures markets.
Read more »
HYPE lands Binance listing after $18B OI record – What Hyperliquid traders should knowHYPE whale accumulation and exchange outflows strengthened demand as Binance expanded the token’s market access.
Read more »
New Mexico Jury Finds Facebook Liable for Privacy Deception, Over 43 Million ViolationsA New Mexico jury found Facebook liable for deceiving users about privacy protections, with over 43 million violations of state consumer protection law. The judge will later decide penalties, with the state seeking up to US$5,000 per violation.
Read more »
Plasma Surges 24% Amid Massive Token Unlock and Derivative BuyingPlasma recorded a 24.18% daily price surge as buyers absorbed a 63.2% circulating supply unlock of 1.76 billion XPL tokens. Strong derivative volume and a bullish sentiment among top Binance traders supported continued upside despite increased volatility risks.
Read more »