Foreign media reports that STABLE briefly rose above $0.04 before quickly falling back, with a drop of 18.7% in the past 24 hours. This pullback occurred amid overall pressure on the crypto market, with total market liquidations amounting to approximately $650 million in the past 24 hours, of which about $623 million were long liquidations, amplifying the downward pressure.
Bitcoin's weakness also dampened sentiment in the altcoin market. The report noted that BTC fell 3.14% in the past 24 hours, with approximately $205 million in liquidations. Bitcoin had previously rebounded from around $78,900, but the rebound only reached a high of $82,000 before weakening again.
After breaking through $0.04, it quickly fell back.
STABLE has been trading roughly between $0.024 and $0.039 since February. On May 12, the token briefly closed above $0.04 on the daily chart, which the market initially interpreted as an upward breakout signal.
However, this breakout did not continue. After testing the $0.044 level, the price quickly fell back, indicating that after the liquidity above was swept away, the bears regained the initiative, and the decline has accelerated significantly in recent days.
In the short term, the target may be around $0.037.
The article argues that, based on the 1-hour chart, the STABLE indicator remains under strong selling pressure, with both volume distribution and momentum indicators pointing to bearish dominance. However, the money flow indicator shows some divergence; that is, when the price makes a new low, the indicator's low point rises, suggesting a possible short-term technical rebound.
If a rebound occurs, the price may first test the $0.037 to $0.038 range. This area previously served as short-term support, but has since become local resistance after being breached.
The lower end of the $0.024 range is attracting attention.
The report also mentioned that there is a concentrated area of long liquidation around $0.03, which may attract prices to continue falling. If selling pressure is temporarily relieved after reaching this level, the market may experience a brief recovery.
However, looking at a larger range, the area around $0.024 remains a key level to watch. This area represents both the lower edge of the range over the past few months and is also near another group of significant long liquidation points. If overall market risk appetite continues to weaken, STABLE may retest this area.
