The most uncoordinated thing about $PENGU ’s chart isn’t that it’s still -85.86% away from ATH, but that after price held between $0.0092 and $0.0103 for ten days, volume has collapsed from the $512M surge on September 23 to just $218M today. Price has stabilized, but liquidity has not kept up.
There are two explanations here, and they point in completely different directions. The first is that the huge-volume candle on September 23 marked the start of a new trend, and the subsequent sideways move was a shakeout, with the big players using time to create room. The confirmation signal for that logic is: when price breaks above $0.0103 again, volume must also expand to a new high; otherwise, the range is just exhausting buyers.
The second is that the massive candle was the only attack wave in this pulse, and the ten-day sideways move afterward simply meant there was no selling pressure, not that there was real support. In that logic, the warning price is $0.0092; once it breaks, price will likely quickly search for a bottom, and volume will rise with it, becoming even more frantic than during the rally.
The chart will not stay sideways forever. When volume contracts to this extent, a directional move is not far away. Which explanation your position fits into should determine which set of signals you use to make decisions, rather than getting stuck in the middle of the price range. For those with a base position below $0.007, the fear is a false start; for those who chased in later, the fear is a single reversal breakdown.
There are two explanations here, and they point in completely different directions. The first is that the huge-volume candle on September 23 marked the start of a new trend, and the subsequent sideways move was a shakeout, with the big players using time to create room. The confirmation signal for that logic is: when price breaks above $0.0103 again, volume must also expand to a new high; otherwise, the range is just exhausting buyers.
The second is that the massive candle was the only attack wave in this pulse, and the ten-day sideways move afterward simply meant there was no selling pressure, not that there was real support. In that logic, the warning price is $0.0092; once it breaks, price will likely quickly search for a bottom, and volume will rise with it, becoming even more frantic than during the rally.
The chart will not stay sideways forever. When volume contracts to this extent, a directional move is not far away. Which explanation your position fits into should determine which set of signals you use to make decisions, rather than getting stuck in the middle of the price range. For those with a base position below $0.007, the fear is a false start; for those who chased in later, the fear is a single reversal breakdown.