$LIT surged 20% in a day, hit 3.91, then slid back to 3.83, with trading volume reaching 92M. My first thought was that this was the same old trick—who’s pumping it? Is it for real?
My reasoning is simple: it bounced from 3.15 without much of a pullback, and volume suddenly ballooned to 92M. But that wick at 3.91 shows someone was selling around that level. A genuinely strong asset wouldn’t spike up and get slammed back down so quickly.
The key is whether it can hold 3.5. If it does, there could be a second wave, which would mean there’s support at the bottom. But if it falls below 3.5 on declining volume, then this 20% move is just a little gift for bagholders. I don’t know who’s counting the money behind the scenes, but it sure isn’t retail traders.
At this level, I’m not chasing $LIT . I’ll wait and see what it does. Things that rise fast never give you a heads-up when they start falling.
My reasoning is simple: it bounced from 3.15 without much of a pullback, and volume suddenly ballooned to 92M. But that wick at 3.91 shows someone was selling around that level. A genuinely strong asset wouldn’t spike up and get slammed back down so quickly.
The key is whether it can hold 3.5. If it does, there could be a second wave, which would mean there’s support at the bottom. But if it falls below 3.5 on declining volume, then this 20% move is just a little gift for bagholders. I don’t know who’s counting the money behind the scenes, but it sure isn’t retail traders.
At this level, I’m not chasing $LIT . I’ll wait and see what it does. Things that rise fast never give you a heads-up when they start falling.