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Telegram Coin PAAL AI (PAAL) Could Be Due for Further Corrections

source-logo  beincrypto.com 10 July 2024 19:50, UTC

PAAL AI (PAAL) price is impacted not only by the broader market cues but also by the actions of the Telegram Coin’s investors.

These PAAL holders have not been acting very positively, which is potentially creating downward pressure on the asset.

PAAL AI Investors Seem Uncertain

PAAL price is on the verge of noting further corrections. The consistent drawdown in PAAL AI active addresses is a sign of a lack of participation. This trend indicates a dwindling engagement from the user base, contributing to concerns about the altcoin’s future performance.

The decline in both price and participation is resulting in a sell signal. As fewer active addresses are recorded, it becomes evident that interest in PAAL AI is waning, which is negatively impacting its price.

PAAL Active Addresses. Source: Santiment

Additionally, PAAL AI long-term holders are losing faith, as evidenced by the spike in Age Consumed. This metric indicates that seasoned investors, who have held onto their assets for extended periods, are starting to offload their holdings.

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PAAL Age Consumed. Source: Santiment

Since these long-term investors are considered the most important holders, their growing uncertainty is alarming. Their lack of confidence can have a significant impact on the market, potentially leading to further declines in PAAL price.

PAAL Price Prediction: Key Support Threatened

PAAL price trading at $0.2083 is already below the $0.2186 support level that it has been hovering around for the past few days. If the aforementioned factors impact the price, the Telegram Coin could drop to $0.1729.

Losing this support level would send PAAL AI to $0.1030, which is the critical support floor for the altcoin. A decline below it would result in a major drawdown, extending losses.

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PAAL Price Analysis. Source: TradingView

But if the Telegram coin bounces off the $0.2186 support line, it could rise to $0.3002. Breaching this level would enable further rally, and once $0.3941 is tested, the bearish thesis can be considered invalidated.