$DOGE now 0.0843, and it has stuck back up on the top edge at today’s 0.0845. Yesterday it failed at 0.0835 and pulled back to 0.08; today it pushed back up again. This time it held—one day still hanging up with ten points.
I admit this rally up to this point—I really do. In the spot market, over the last three hours there are twelve candles and not a single one was negative. The money really came in; it’s not just talk blown up to hype prices.
But once it got to this level, the money started to change in character. The order book buy side is paper-thin—shockingly thin. Sell walls are outweighing buy walls, and with one smash it goes straight through. In the spot market, over the most recent quarter hour, big orders have been withdrawing. The money that came in earlier has started to pull back. Even though big-holder accounts are still adding positions, their exposure is quietly being reduced; the borrowed leverage is also being paid back over the last twelve hours.
All of it is the sentiment of chasing longs propping things up, while the fee is still being held and longs are getting squeezed. Chasing longs at this position isn’t great in terms of cost-effectiveness. First, watch whether there’s someone to take it if it retraces—then if it holds, we can talk about other things.
#doge $DOGE
I admit this rally up to this point—I really do. In the spot market, over the last three hours there are twelve candles and not a single one was negative. The money really came in; it’s not just talk blown up to hype prices.
But once it got to this level, the money started to change in character. The order book buy side is paper-thin—shockingly thin. Sell walls are outweighing buy walls, and with one smash it goes straight through. In the spot market, over the most recent quarter hour, big orders have been withdrawing. The money that came in earlier has started to pull back. Even though big-holder accounts are still adding positions, their exposure is quietly being reduced; the borrowed leverage is also being paid back over the last twelve hours.
All of it is the sentiment of chasing longs propping things up, while the fee is still being held and longs are getting squeezed. Chasing longs at this position isn’t great in terms of cost-effectiveness. First, watch whether there’s someone to take it if it retraces—then if it holds, we can talk about other things.
#doge $DOGE