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If your site is just new, it is possible that Google gave you an initial boost in rankings.
It is also a possibility that you are now experienceing the sandbox effect - google's way of filtering new sites.
It is also a possibility that the keyword you ranked for isn't that popular, hence the decrease in traffic.
Or your competition are doing their SEO better than you. The possibilities goes on...
What you should do now is to just continue on building quality backlnks and hope that your ranking picks up again soon.
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