$FOLKS This drop is a bit brutal—down 28.61% in 24h. It got slammed from 3.262 all the way to 1.955, with turnover up to 51M. Honestly, with this kind of volume matching this kind of plunge, it feels heavily like panic selling—not like a slow “knife-like” liquidation and reversal.
The key level is this low at 1.955. If the probe doesn’t break through and hold below, then I lean toward this being an emotion-driven kill rather than the trend genuinely breaking down. 2.6 above is the midpoint/relay for this leg of the decline—only after it reclaims that can we confirm stabilization. Right now at 2.293 it’s rather awkward: the risk/reward for chasing longs or shorts isn’t great, and buying the dip is too early.
My own view: the probability of a panic-style selloff is higher. But don’t rush in—let it grind in the 1.95–2.1 range and see whether volume can get absorbed. If it breaks 1.955, then it truly becomes a trend change; we can talk then.
The key level is this low at 1.955. If the probe doesn’t break through and hold below, then I lean toward this being an emotion-driven kill rather than the trend genuinely breaking down. 2.6 above is the midpoint/relay for this leg of the decline—only after it reclaims that can we confirm stabilization. Right now at 2.293 it’s rather awkward: the risk/reward for chasing longs or shorts isn’t great, and buying the dip is too early.
My own view: the probability of a panic-style selloff is higher. But don’t rush in—let it grind in the 1.95–2.1 range and see whether volume can get absorbed. If it breaks 1.955, then it truly becomes a trend change; we can talk then.