0G Drops 21%, Tests Key Support – Is the Bull Trap Finally Here? You Won’t Believe What Happens Next!

Key Takeaways

Why is 0G facing further downside risk?

Well, turns out that 0G is not having its best day. With the Money Flow Index (MFI) plummeting to 30 and the Relative Strength Index (RSI) below 50, it seems momentum is slowly packing its bags and leaving the building. Bad news for any bull hoping for a quick getaway to the moon. 🚀

Who is driving the recent 0G market decline?

If you’re wondering who’s pulling the strings behind 0G’s dramatic nosedive, look no further than the perpetual traders. They’ve been busy emptying their pockets, with a cool $18.3 million bailing out of the market. Oh, and did we mention that the Open Interest-Weighted Funding Rate is a delightful -0.0879%? That’s not exactly the party vibe you’d hope for. 🍸

It’s been a rough 24 hours for 0G. What was once a promising asset, setting new highs, has now taken a 21% plunge as of our press time. A classic case of “What goes up must crash down”-but hey, no worries, it’s all part of the crypto rollercoaster. 🎢

And for anyone thinking of getting in, trading volume dropped to about half a billion-$512 million to be precise. Clearly, those with weak hands are making their exit. Oh well, they’ll be back… maybe. 🤷‍♂️

So what’s next for 0G? No one really knows, but we can always count on AMBCrypto to keep us on the edge of our seats. Grab your popcorn! 🍿

Support Level Reached

Ah, but here’s the plot twist-0G has hit a key support level. Not to say this guarantees a thrilling rebound, but the charts are looking like they might have a few surprises up their sleeve. This drop is happening right at a pivotal zone that has previously sparked some decent rallies. Who knows? Maybe we’re in for a déjà vu moment and a classic 0G comeback! 🤞

Remember the time when 0G spiked up to $0.34 on the 23rd of September? Well, this support level was behind that little victory dance. So, maybe-just maybe-it could hold up again. Or maybe not. Who’s keeping track anyway? 📉

But, let’s be real, the big question is: Will 0G gather its bearings and shoot for the stars, or will it just… stay grounded? 🔮

Support Level May Be a Trap

Plot twist number two: That oh-so-important support level could be nothing more than a sneaky bull trap. Be careful, my friends-this may not be the glorious rebound we’re all secretly hoping for. The technical indicators are looking pretty bleak.

Take the MFI, for example-plummeting to 30 and still sinking like a stone in the ocean. When this happens, it means that people are starting to freak out and sell. Fear is a powerful thing, isn’t it? 🏃‍♂️

And don’t even get started on the RSI-it’s barely hanging on at 49, just below the bullish threshold. Is this the beginning of the end for 0G, or merely a bump in the road? Stay tuned. 😏

If these indicators continue to spiral downward, it’s likely that the support level will fail to spark a rebound. In that case, expect long traders to get liquidated faster than you can say “Stop loss.” 🤦‍♂️

In fact, we’ve already seen $2.87 million in long contracts being closed, while shorts are only at $874,000. It’s like watching a one-sided tug of war, and bears are totally winning. 🐻

Blame the Perpetual Investors

If you’re looking for someone to blame for this mess, look no further than the perpetual traders. Over the last few days, they’ve helped themselves to a nice chunk of 0G, pulling out $18.3 million. And of course, Open Interest is now down to $81.13 million. Big surprise, right? Oh wait, it’s not. 😒

Now, the OI-Weighted Funding Rate has gone negative, officially tipping the scales in favor of the bears. A delightful -0.0879% means that the market is being fueled by bears, and it’s not looking like a fun place for bulls right now. 🐂💔

2025-09-26 11:09