Deep Dive
1. Derivatives Unwind (Bearish Impact)
Overview: BLESS saw a 44% single-day crash on Sept 25, 2025 (AMBCrypto), linked to derivatives traders closing positions (open interest fell 44%). While funding rates stabilized, today’s -12.7% volume drop suggests residual caution.
What this means: High-leverage perpetual contracts (50x on KuCoin/Binance) amplify downside during exits. With turnover at 18.9%, BLESS remains vulnerable to liquidity shocks common in low-cap tokens.
What to look out for: Sustained open interest below $3M (current: $3.48B futures) could signal prolonged deleveraging.
2. Event-Driven Sell Pressure (Bearish)
Overview: The Oct 10–24 Binance Alpha trading competition awarded 11M BLESS to top traders. Post-event profit-taking likely contributed to the drop, as seen in similar token distributions.
What this means: Competition participants often dump rewards immediately, especially with BLESS down 77% over 60 days. The 728% volume spike during the October rally created an inflated base for comparisons.
3. Technical Breakdown (Mixed)
Overview: BLESS broke below its 30-day SMA ($0.0151) and tests the 78.6% Fibonacci retracement at $0.0146. The MACD histogram turned positive, but RSI14 (36.8) stays neutral.
What this means: While oversold on shorter timeframes, the lack of bullish divergence and high token supply (1.84B circulating) limit rebound potential. A close above $0.0146 (50% Fib) is critical to stem losses.
Conclusion
BLESS’s drop reflects post-hype reality: expired exchange incentives, derivatives fragility, and weak bid depth. While oversold signals emerge, macro risks (BTC dominance at 59.3%) and poor liquidity profile favor caution.
Key watch: Can BLESS hold the Sept 25 low of $0.0122? A break could retest the $0.010 psychological level.