Seeker Price Plunges 292%, But Bullish Trend Remains Intact

Seeker, the native utility and governance token, has experienced a significant price swing in recent days. After rallying by 292% from $0.091 to $0.359 over the weekend, the altcoin faced selling pressure due to profit-taking activity.

The price dip could extend by another 40% if Seeker reaches the 78.6% retracement level at $0.0125. However, this will not kill the bullish trend established in the token.

A look at Coinalyze's data shows that negative Funding Rates and falling spot CVD signaled intense selling pressure on August 31. The Open Interest has slumped from $42 million to $24.6 million in recent days, indicating market participants have taken profits and exited the derivatives market.