$VELVET this wire was pulled 21 points, with a 24h trading volume of 141.6M. It looks quite impressive. But I dug into the range: the highest was 0.09569, the lowest 0.06507, an amplitude of 45%. Those middle up-and-down wick pokes—who are they for?
My intuition is that someone scooped up a lot of goods at that low 0.065 level, then pushed it up with some weird, inexplicable piece of news. As for what the news was, I searched around for half a day and couldn’t find anything—it’s pretty strange. Maybe I’m overthinking, or maybe it’s just a pure capital-pool scheme self-entertaining.
The key level is 0.075. If this level gets broken down through, then these 21 points today will just be a textbook fake breakout—everyone who chased will get stuck up at the top. If it can hold and keep ranging above 0.078, it’s still acceptable to watch; but once it quickly drops from 0.09 and fails to recover, don’t think too much—someone is unloading.
For a coin of this size to be pumped so fast, I never believe there’s some natural spot bid buying it up. Who is pumping it? Think it through before you make a move.
My intuition is that someone scooped up a lot of goods at that low 0.065 level, then pushed it up with some weird, inexplicable piece of news. As for what the news was, I searched around for half a day and couldn’t find anything—it’s pretty strange. Maybe I’m overthinking, or maybe it’s just a pure capital-pool scheme self-entertaining.
The key level is 0.075. If this level gets broken down through, then these 21 points today will just be a textbook fake breakout—everyone who chased will get stuck up at the top. If it can hold and keep ranging above 0.078, it’s still acceptable to watch; but once it quickly drops from 0.09 and fails to recover, don’t think too much—someone is unloading.
For a coin of this size to be pumped so fast, I never believe there’s some natural spot bid buying it up. Who is pumping it? Think it through before you make a move.