Quack AI [Q] experienced a significant market correction, losing 21.71% of its value within 24 hours and trading at $0.09324 at press time. The sharp decline was accompanied by weakening market participation across both spot and derivatives markets.
Spot trading volume for Q dropped 22.44% to $26.41 million, reflecting reduced buyer interest as the token corrected from October highs above $0.13. The price decline also extended into the derivatives sector, with traders reducing their overall exposure.
Derivatives Markets Show Significant Contraction
Trading volume in Q derivatives fell 17.70% to $161.63 million, according to CoinGlass data. Open Interest plummeted 32.21% to $37.05 million, indicating traders were closing positions rather than opening new ones during the downturn.
Long liquidations reached $178.02K compared to $17.13K in short liquidations, suggesting leveraged bullish positions faced particular pressure. This pattern reflected a broader shift in market sentiment among major participants.
Top Traders Adopt Bearish Stance
Binance's top traders showed a notable preference for short positions during the decline. Short accounts represented 56.78% of top trader positioning while long accounts accounted for 43.22%, resulting in a Long/Short Ratio of 0.76. This marked a departure from early October when long positions dominated, with the ratio previously exceeding 1.50.
Technical Picture Points to Further Downside
Q faced resistance near $0.134327 before reversing sharply downward. The token fell below the $0.111600 level, converting this former support into resistance. Recent trading extended losses toward $0.088487, with an intraday low of $0.087900.
The RSI indicator declined to 57.62, retreating from overbought territory and falling below its moving average of 75.55, indicating weakening buying momentum. While the RSI remained above the neutral 50 level, analysts noted the sharp decline suggested bullish control was diminishing, potentially exposing the $0.06 support level if selling pressure persists.
