$4 This drop looks scary, but what I care about more is the trading volume. 214M USDT—at the $ATH level, that’s not small. The price was directly smashed from 0.0218 down to around 0.015, driving a new recent low.
Many people focus on the -17% drawdown and panic, but look at the rhythm of this sell pressure: it’s basically large on-chain transfers paired with exchange sell orders, not a retail “panic-cut” type of fragmented dump. This kind of movement looks more like flushing out positions in the contracts—clearing out leverage before pulling back up. Around the low at 0.01506 there’s clear bid support, especially during the Asian session.
As for direction, I think it’s slightly bullish, but we need to wait for a signal—hold above 0.016, or reclaim 0.017 with volume. Until then, don’t rush to bottom-fish. The current price is just a battleground range. $ATH —if this position can hold, the rebound strength afterward won’t be small.
Many people focus on the -17% drawdown and panic, but look at the rhythm of this sell pressure: it’s basically large on-chain transfers paired with exchange sell orders, not a retail “panic-cut” type of fragmented dump. This kind of movement looks more like flushing out positions in the contracts—clearing out leverage before pulling back up. Around the low at 0.01506 there’s clear bid support, especially during the Asian session.
As for direction, I think it’s slightly bullish, but we need to wait for a signal—hold above 0.016, or reclaim 0.017 with volume. Until then, don’t rush to bottom-fish. The current price is just a battleground range. $ATH —if this position can hold, the rebound strength afterward won’t be small.