Calm and sound—yet $ONG suddenly makes a "roller coaster" move of -23%, keeping the people who held positions up last night and setting their accounts on fire. Honestly, looking at the chart right now, I feel both sorry for the knife-catching crowd and impressed by the market’s sheer "bloodthirst".
Lately, the guys keep asking me why the price turned around so viciously. If you look closely at the technicals—no need to overcomplicate it—just look at the MA and EMA and you’ll see the issue immediately:
🔹 15-minute timeframe: Price is struggling around MA(20) at 0.1276 and EMA(9) at 0.1285. This is the make-or-break battle zone. If the bulls can’t push the price above this EMA(9) resistance, the selling pressure is still very heavy.
🔹 1-hour timeframe: MA(20) is at 0.1261 and EMA(9) is at 0.1275. It’s clear that price is currently approaching the hard support zone of the 1-hour chart. If the 0.1260 level breaks, chances are the DUMP continuation scenario will be very difficult to stop.
For me, this bearish leg is the result of excessive FOMO before there was any proper accumulation. My personal setup for $ONG right now is quite straightforward:
🎯 Position: I’m looking for a SHORT on a pullback into the 0.1290 - 0.1300 zone.
🎯 Entry: 0.1295.
🎯 TP (Take Profit): 0.1220 - 0.1180.
🎯 SL (Stop Loss): 0.1325 (If it breaks above this level, I’ll be wrong—so I’ll cut.)
I’m not expecting to catch the bottom right now, because the knife is still falling. Just let the market stabilize first. What do you think—will $ONG bounce technically, or will it keep plunging into a lower support zone?
#Crypto #Trading #Binance
Note: This is my personal perspective, not investment advice. Trading always comes with risk (DYOR).
Lately, the guys keep asking me why the price turned around so viciously. If you look closely at the technicals—no need to overcomplicate it—just look at the MA and EMA and you’ll see the issue immediately:
🔹 15-minute timeframe: Price is struggling around MA(20) at 0.1276 and EMA(9) at 0.1285. This is the make-or-break battle zone. If the bulls can’t push the price above this EMA(9) resistance, the selling pressure is still very heavy.
🔹 1-hour timeframe: MA(20) is at 0.1261 and EMA(9) is at 0.1275. It’s clear that price is currently approaching the hard support zone of the 1-hour chart. If the 0.1260 level breaks, chances are the DUMP continuation scenario will be very difficult to stop.
For me, this bearish leg is the result of excessive FOMO before there was any proper accumulation. My personal setup for $ONG right now is quite straightforward:
🎯 Position: I’m looking for a SHORT on a pullback into the 0.1290 - 0.1300 zone.
🎯 Entry: 0.1295.
🎯 TP (Take Profit): 0.1220 - 0.1180.
🎯 SL (Stop Loss): 0.1325 (If it breaks above this level, I’ll be wrong—so I’ll cut.)
I’m not expecting to catch the bottom right now, because the knife is still falling. Just let the market stabilize first. What do you think—will $ONG bounce technically, or will it keep plunging into a lower support zone?
#Crypto #Trading #Binance
Note: This is my personal perspective, not investment advice. Trading always comes with risk (DYOR).