coinedition.com
The new Solana-based, AI-focused ACT coin has disappointed many users after an early selloff following its recent listing on centralized exchanges (CEX). ACT launched in October 2024 before listing on Binance, HTX, and KuCoin, among many other platforms.
TradingView’s data show that ACT surged significantly shortly after the CEX listings before making a U-turn, which saw the newly launched crypto lose nearly all the recent gains. The crypto coin’s quick decline left many users questioning what could be behind the drop, especially in a season when the overall crypto market is heading upward.
ACT’s Price Action and Analyst Interpretations
In the meantime, historical data shows that ACT surged 124% between November 12 and 15, rising from $0.42648 to $0.95456. However, the crypto token turned around when users expected it to achieve the psychological $1 milestone and align with the crypto market’s bullish momentum.
ACT has declined 54% after achieving the $0.95456 high, with analysts attributing the price drop to the typical new cryptocurrency behavior. Based on the analysts’ assumptions, ACT followed a typical pattern where newly launched cryptocurrencies rarely maintain their initial bullish momentum for long periods.
According to analysts, profit-taking by pre-launch participants triggers such declines, driving the price lower until the asset reaches an attractive entry point. They expect ACT to rebound soon, citing technical signals that suggest decreasing downward pressure.
Read also: Pump.fun’s Top 5 Market Movers: PNUT, GOAT, ACT Dominate
The analysts cited specific indicators, including ACT’s recent collision with the downward trendline, which suggests preparations for a turnaround. Also, the price appears to form a bottom, having established support on the lower timeframe charts. Newer candles are fading in trading volumes, suggesting the profit-takers are running out.
Despite the recent decline, analysts predict ACT will recover. They believe its status as a memecoin within the Solana ecosystem will support its growth after the initial volatility subsides.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.