$LYN In one day, it wiped out 41 percentage points—dropping from 0.0724 to 0.0405 on turnover of 128M. This volume doesn’t look like a washout; a washout wouldn’t bring such huge volume.
What does a washout look like? Price is poked with a needle, then quickly pulled back, while volume shrinks.
$LYN is a one-way downward drift—someone keeps stepping in on the way down, but someone else keeps bailing out.
The 128M turnover shows that there is distribution going on, and they’re selling decisively.
You say the project team is propping the price? Prop it to -41%? Either the support capital got punched through, or they never intended to support at all. If this 0.04 level can’t be held, then below it is a free-fall.
My take is bearish. Not because it dropped a lot and therefore should rebound, but because the structure of this move is just too ugly. If you want to catch the bottom, first see whether you can actually withstand it—before getting cut again by another 50%. The market isn’t short of opportunities; it’s short of principal.
What does a washout look like? Price is poked with a needle, then quickly pulled back, while volume shrinks.
$LYN is a one-way downward drift—someone keeps stepping in on the way down, but someone else keeps bailing out.
The 128M turnover shows that there is distribution going on, and they’re selling decisively.
You say the project team is propping the price? Prop it to -41%? Either the support capital got punched through, or they never intended to support at all. If this 0.04 level can’t be held, then below it is a free-fall.
My take is bearish. Not because it dropped a lot and therefore should rebound, but because the structure of this move is just too ugly. If you want to catch the bottom, first see whether you can actually withstand it—before getting cut again by another 50%. The market isn’t short of opportunities; it’s short of principal.