$SNDK This order book looks confusing, and many people are about to be tricked. The surface-level aggressive buying is used to pull the sell orders to 1.5 times—within just 7 hours, the buy volume surged 90%. Seeing a large number of buy orders, many retail traders think a bull run is about to start and rush in.
But the key point is this! Positions aren’t increasing—instead, they keep dropping. The price keeps hovering and consolidating just below the moving average line. This isn’t the main force building a position at all; it’s large orders baiting and luring unsuspecting buyers to get hooked 🎣. If you look at the candlesticks, it’s even clearer: on the 4-hour chart, out of 6 candlesticks, 4 are bearish. On the daily chart, it’s being firmly held down by a single big bearish candle. The long-side funding rate is barely positive—barely not even enough to cover the trading fees.
Keep a close eye, bears, on the key support levels. Once it breaks, there’s a high likelihood of a waterfall drop. If you blindly bottom-pick right now, you’re basically handing chips to the dog of a scheme operator!
But the key point is this! Positions aren’t increasing—instead, they keep dropping. The price keeps hovering and consolidating just below the moving average line. This isn’t the main force building a position at all; it’s large orders baiting and luring unsuspecting buyers to get hooked 🎣. If you look at the candlesticks, it’s even clearer: on the 4-hour chart, out of 6 candlesticks, 4 are bearish. On the daily chart, it’s being firmly held down by a single big bearish candle. The long-side funding rate is barely positive—barely not even enough to cover the trading fees.
Keep a close eye, bears, on the key support levels. Once it breaks, there’s a high likelihood of a waterfall drop. If you blindly bottom-pick right now, you’re basically handing chips to the dog of a scheme operator!
