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Parcl (PRCL) Token Dips as Traders Take Profits
The cryptocurrency market’s recent correction has caught up with Parcl (PRCL), a real estate-related project. Despite its impressive growth in the past few days, PRCL price has been on a downward trend since December 17.
On that day, Parcl’s market capitalization reached $120 million, and the token’s value skyrocketed to an all-time high above $0.73. However, the recent downturn in the broader market, coupled with Bitcoin’s significant drop from its peak, has led to a sharp decline in PRCL’s value.
At the time of writing, Parcl is trading at $0.46, a considerable drop from its previous high. This correction was largely expected as traders took profits and sought to reposition their portfolios amidst market volatility.
Despite this recent dip, experts still see room for growth in the project’s valuation. Coinbase’s listing and other favorable market conditions could yet propel the value of PRCL above its ATH in April 2024. However, it is crucial that bulls defend the $0.40 zone to avoid further losses.
Parcl’s daily trading volume has decreased by a substantial 47% to approximately $57.6 million, down from its peak high of over $114 million on Tuesday.
Source: coinjournal.net
