#AKE This chart is unsettling.
It spent the entire previous night hovering around 0.027, with volume at just over 10 million—completely lifeless. At 09:00, volume picked up and the price climbed to 0.0291. At 10:00, volume exploded to 860 million—more than 40 times the usual level.
With volume piling up like that, the price surged to 0.03396, only to get slammed back down. It’s now at 0.0302, leaving a long upper wick.
The market maker dumped their holdings on the people who chased in at the top, then left. The longer the upper wick, the more buyers got caught up there.
Don’t chase it. Wait for a pullback to 0.0285 and see if it holds. Stop-loss at 0.0275.
It spent the entire previous night hovering around 0.027, with volume at just over 10 million—completely lifeless. At 09:00, volume picked up and the price climbed to 0.0291. At 10:00, volume exploded to 860 million—more than 40 times the usual level.
With volume piling up like that, the price surged to 0.03396, only to get slammed back down. It’s now at 0.0302, leaving a long upper wick.
The market maker dumped their holdings on the people who chased in at the top, then left. The longer the upper wick, the more buyers got caught up there.
Don’t chase it. Wait for a pullback to 0.0285 and see if it holds. Stop-loss at 0.0275.