$HEMI—holy crap, this move is actually happening.
Current price: around $0.0061
Up about 6.9% over the past 24 hours, but volume is weak
Analysis: First, let’s talk volume. The price climbed from 0.0056 to 0.007, but volume barely followed. Put simply, a few orders pushed it up, and the order book is really thin. Damn, the biggest risk with a rally like this is that nobody steps in to buy. Look at that spike to 0.007—it shot up fast and came back down just as fast. Doesn’t it look like a fakeout? A rally without volume backing it could mean someone’s testing the waters, or that short covering is squeezing the price up. It’s not being driven by real buying pressure. A genuine breakout should come with steadily increasing volume as the price moves higher. At these volume levels, all we can say is that there’s a rebound, but it lacks conviction. Whether it can hold depends on whether volume picks up from here. If it doesn’t, this move is just a head fake.
Did you chase it at this level?
Current price: around $0.0061
Up about 6.9% over the past 24 hours, but volume is weak
Analysis: First, let’s talk volume. The price climbed from 0.0056 to 0.007, but volume barely followed. Put simply, a few orders pushed it up, and the order book is really thin. Damn, the biggest risk with a rally like this is that nobody steps in to buy. Look at that spike to 0.007—it shot up fast and came back down just as fast. Doesn’t it look like a fakeout? A rally without volume backing it could mean someone’s testing the waters, or that short covering is squeezing the price up. It’s not being driven by real buying pressure. A genuine breakout should come with steadily increasing volume as the price moves higher. At these volume levels, all we can say is that there’s a rebound, but it lacks conviction. Whether it can hold depends on whether volume picks up from here. If it doesn’t, this move is just a head fake.
Did you chase it at this level?