82829, BTC basically went nowhere today, up 0.15%. ETH stayed glued to 2442, while SOL slipped 0.28%. The major coins have collectively stalled, and trading volume is nothing special either: BTC’s 24-hour volume is $35.5 billion. In a market like this, nobody wants to make the first move—bulls and bears are both waiting for a catalyst. Data from CoinGecko.
Today I’m watching DOOD, the token for the Doodles project. It had the highest trading volume among the day’s biggest losers. It’s down 17.3% over 24 hours, but still up 67.7% over the past 7 days, with $236 million in volume today alone. I know this pattern all too well: a week-long pump gets everyone excited, then a day of concentrated selling. Of that $236 million in volume, half is people chasing the price and getting stuck holding the bag, and the other half is panic selling.
My take: stay on the sidelines; short-term outlook is bearish. Buying in at this level would most likely mean holding the bags for those who chased the price earlier. I’d wait for it to finish falling and for volume to return to normal before considering whether to look for a bounce. AGT played out the same way yesterday, and today it’s DOOD’s turn. Lately, these coins have been following a remarkably consistent playbook.
Live trading series: Xiaokai the Crypto Leek’s perpetual contract DCA experiment. Long BTC with 44x isolated margin, adding a fixed 1U to the principal every day, and never closing the position. Adding another 1U today.
Let’s hear your thoughts: with coins that “pump for a week, then dump in a day,” do you wait for them to stabilize before taking another look, or put them straight on your blacklist? Let’s talk in the comments.
#DOOD $DOOD #Doodles #NFT #MarketAnalysis
— Xiaokai the Crypto Leek
The above is solely my personal opinion and does not constitute investment advice.
Today I’m watching DOOD, the token for the Doodles project. It had the highest trading volume among the day’s biggest losers. It’s down 17.3% over 24 hours, but still up 67.7% over the past 7 days, with $236 million in volume today alone. I know this pattern all too well: a week-long pump gets everyone excited, then a day of concentrated selling. Of that $236 million in volume, half is people chasing the price and getting stuck holding the bag, and the other half is panic selling.
My take: stay on the sidelines; short-term outlook is bearish. Buying in at this level would most likely mean holding the bags for those who chased the price earlier. I’d wait for it to finish falling and for volume to return to normal before considering whether to look for a bounce. AGT played out the same way yesterday, and today it’s DOOD’s turn. Lately, these coins have been following a remarkably consistent playbook.
Live trading series: Xiaokai the Crypto Leek’s perpetual contract DCA experiment. Long BTC with 44x isolated margin, adding a fixed 1U to the principal every day, and never closing the position. Adding another 1U today.
Let’s hear your thoughts: with coins that “pump for a week, then dump in a day,” do you wait for them to stabilize before taking another look, or put them straight on your blacklist? Let’s talk in the comments.
#DOOD $DOOD #Doodles #NFT #MarketAnalysis
— Xiaokai the Crypto Leek
The above is solely my personal opinion and does not constitute investment advice.