CHIP, this rally is a little crazy.
The current price is around $0.0646
It surged about 22.5% over the past 24 hours, but volume is weak
Analysis: Let’s talk about volume first. This rally took the price from 0.0515 to 0.0718, a pretty sharp increase, but volume didn’t keep up. Wow, the 5-minute chart even shows a -5.24% candle with a long lower wick, which looks a bit like a fake move — there wasn’t much volume when the price was pushed up, but the sell-off was pretty decisive. Volume isn’t keeping up with price, suggesting not many people are chasing the rally; it’s likely short sellers closing their positions or a few large orders trying to push the price up. The price couldn’t hold at the 0.0718 high and slid back to 0.0646, so buying support still looks questionable. Whether the price can keep rising depends on whether volume picks up. If volume remains thin while the price keeps creeping up, it could easily get pushed down again.
Have you chased the price at this level yet?
$CHIP
The current price is around $0.0646
It surged about 22.5% over the past 24 hours, but volume is weak
Analysis: Let’s talk about volume first. This rally took the price from 0.0515 to 0.0718, a pretty sharp increase, but volume didn’t keep up. Wow, the 5-minute chart even shows a -5.24% candle with a long lower wick, which looks a bit like a fake move — there wasn’t much volume when the price was pushed up, but the sell-off was pretty decisive. Volume isn’t keeping up with price, suggesting not many people are chasing the rally; it’s likely short sellers closing their positions or a few large orders trying to push the price up. The price couldn’t hold at the 0.0718 high and slid back to 0.0646, so buying support still looks questionable. Whether the price can keep rising depends on whether volume picks up. If volume remains thin while the price keeps creeping up, it could easily get pushed down again.
Have you chased the price at this level yet?
$CHIP
