Coin 98 (CNE) is down by 2.4% to $0.2460 this week, having hit a low of $0.2393 on May 15 before recovering slightly. The token is currently testing the support level at $0.2500 for the third time since April. Notably, it has dropped out of the ascending channel that had formed since October 11, 2023. This break from the channel support increases the likelihood of further downside movement.

The absence of fundamental factors to bolster Coin 98’s price adds to the bearish outlook. If the token fails to hold above the critical $0.2500 support level, it could potentially decline by 38%, targeting the next significant support level at $0.1500.