$PYTH This one didn’t fall particularly hard; it came down along with the whole batch of thinly traded names.
What’s unusual is the way it retreated.
I checked a few sources. Here’s my analysis.
Down 6.370% over 24 hours, closing at 0.06306.
It hasn’t broken below the 20-day range low of 0.05821. The current price is at the 25.99th percentile, so it’s not at the floor.
You can’t tell much just by looking at the price.
When I first scanned the market, I thought it was a wick. After looking into it, I realized it wasn’t.
Look at open interest.
Contracts: -5.18%. Notional value: -12.19%.
Both are down.
Honestly, this doesn’t look like panic selling.
On the same day, some coins were taking a hit passively, with positions barely moving. Others pulled back on their own first. Those are completely different situations, and I’m more concerned about the latter.
Coins that are taking a hit passively are the ones that can put together a decent rebound.
When a coin pulls back on its own, what’s left is an order book with no buyers stepping in.
It’s like someone has started moving goods out of a warehouse. The lights are still on, but the shelves are already empty.
Same pot, but someone has already pulled out a couple of logs from underneath it.
When liquidity is thin, there’s no one to catch the selling as people pull out.
Once holders start to lose conviction, selling pressure will push prices down layer by layer.
The divide isn’t in this red candle; it’s among the people still holding on.
So I see it as a market that’s still moving toward the exit, and I’ll keep it on my watchlist for now.
For those of you holding thinly traded coins, have you pulled out in the past few days or are you still holding on? Let’s talk in the comments.
$BTC $ETH #PYTH #比特币 #Cryptocurrency
The above is a record of my personal trading system and observations of market data. It does not constitute investment advice.