Despite showing signs of a potential bounce, STABLE remains vulnerable to further losses. In the past 24 hours, the altcoin plummeted 18.7%, following market-wide declines triggered by Bitcoin's drop.
The downward pressure on STABLE was compounded by $622.85 million in long liquidations, which is roughly 96% of the total $650.35 million in liquidations across the crypto market.
Earlier this week, STABLE had appeared to break above its range highs, trading as high as $0.04. However, this move was short-lived, and the altcoin has since fallen back within its established range.