$CHIP Crashes 7.7% on 6.8x Volume: Is More Downside Coming?
CHIP is facing intense selling pressure as a massive volume spike accelerates the downtrend. Is this a potential bottom, or are bulls about to face another wave of liquidations?
Market Bias: Bearish
The 1H structure remains firmly bearish, with lower highs and lower lows. Price is trading below both EMA20 and EMA200, while the latest selloff shows no confirmed reversal signal.
The 6.8x volume spike points to aggressive selling, possible liquidation pressure, or distribution. However, without strong absorption, a bullish reclaim, or a confirmed swing failure pattern, calling a bottom remains premature.
Market Flow Sellers in Control
Open Interest: $10.3M, down 10.7% in 24 hours Funding Rate: +0.0050%
Taker Buy/Sell Ratio: 0.47x
Falling open interest, positive funding, and seller-dominated taker flow suggest leveraged positions may still be unwinding. Top traders remaining net long could add further liquidation risk if downside pressure continues.
Key Levels
Resistance zone: 0.05554–0.05619
First downside target: 0.05154
Second downside target: 0.04997
Extended bearish target: 0.04715
Trend invalidation: 0.05897
Potential recovery targets: 0.06108 and 0.07100
Bearish Scenario
A weak bounce toward 0.05554–0.05619 could provide a potential short setup if price shows clear rejection, a bearish engulfing candle, or a failed reclaim on lower timeframes.
If selling resumes below 0.05154, the next levels to monitor are 0.04997 and 0.04715. Confirmation is essential before entering.
Bullish Reversal
CHIP has already swept liquidity around 0.05154, but a sweep alone does not confirm a bottom. Buyers need to reclaim key resistance with strong demand and establish a bullish structure shift.
A sustained move above 0.05897 would invalidate the current bearish thesis and could open the way toward 0.06108 and potentially the 0.07100 supply zone
CHIP remains under bearish pressure, and current flow data favors caution toward premature long entries.
#CHIP #CryptoTrading $CHIP
CHIP is facing intense selling pressure as a massive volume spike accelerates the downtrend. Is this a potential bottom, or are bulls about to face another wave of liquidations?
Market Bias: Bearish
The 1H structure remains firmly bearish, with lower highs and lower lows. Price is trading below both EMA20 and EMA200, while the latest selloff shows no confirmed reversal signal.
The 6.8x volume spike points to aggressive selling, possible liquidation pressure, or distribution. However, without strong absorption, a bullish reclaim, or a confirmed swing failure pattern, calling a bottom remains premature.
Market Flow Sellers in Control
Open Interest: $10.3M, down 10.7% in 24 hours Funding Rate: +0.0050%
Taker Buy/Sell Ratio: 0.47x
Falling open interest, positive funding, and seller-dominated taker flow suggest leveraged positions may still be unwinding. Top traders remaining net long could add further liquidation risk if downside pressure continues.
Key Levels
Resistance zone: 0.05554–0.05619
First downside target: 0.05154
Second downside target: 0.04997
Extended bearish target: 0.04715
Trend invalidation: 0.05897
Potential recovery targets: 0.06108 and 0.07100
Bearish Scenario
A weak bounce toward 0.05554–0.05619 could provide a potential short setup if price shows clear rejection, a bearish engulfing candle, or a failed reclaim on lower timeframes.
If selling resumes below 0.05154, the next levels to monitor are 0.04997 and 0.04715. Confirmation is essential before entering.
Bullish Reversal
CHIP has already swept liquidity around 0.05154, but a sweep alone does not confirm a bottom. Buyers need to reclaim key resistance with strong demand and establish a bullish structure shift.
A sustained move above 0.05897 would invalidate the current bearish thesis and could open the way toward 0.06108 and potentially the 0.07100 supply zone
CHIP remains under bearish pressure, and current flow data favors caution toward premature long entries.
#CHIP #CryptoTrading $CHIP