The moving averages (MA5, MA10, and longer-term averages) signal bearish momentum, as shorter-term averages are positioned below longer-term ones. The volume data indicates a recent spike, which could signify heightened market activity, likely tied to the sell-off.
To enhance this analysis, insights from Google Trends could provide valuable context about retail interest in this asset, helping to correlate price movements with sentiment. Market-wide factors, such as macroeconomic trends, news catalysts, or regulatory developments, also play a crucial role in influencing the behavior of similar assets. Traders should closely monitor key levels for potential reversals or further breakdowns while aligning this technical analysis with broader market signals and sentiment data