Guys, $SOXSB really is "pain is my friend" 💀. At these prices, you can't call it a correction anymore—this is clearly a sell-off, with everything as red as a bear's eyes 🥲.
Looking at the 1H chart, the candles are tumbling downhill with no brakes. From a peak of $85.4, the price is now hovering around $57.27. Selling volume is clearly huge: it's down nearly 20% over the past 24 hours, with more than 6 million USDT traded. The price has fallen below the MA7 ($55.849), MA25 ($62.456), and MA99 ($68.953) lines on the 1H chart, clearly signaling a short-term downtrend. This is probably also related to the fact that $SOXSB is a 3x inverse semiconductor sector leveraged token. When chip stocks were being dumped, it surged like crazy. Now that the chip market seems to be stabilizing—and some chip stocks even recovered slightly on 6/11—it’s diving right back down 📉.
Switching to the 1D chart gives us the bigger picture: $SOXSB clearly had a massive rally earlier, but then got rejected from the highs, leaving a big red candle at the top, signaling strong downward momentum across the medium and short-term time frames.
Looking at the 1H chart, the candles are tumbling downhill with no brakes. From a peak of $85.4, the price is now hovering around $57.27. Selling volume is clearly huge: it's down nearly 20% over the past 24 hours, with more than 6 million USDT traded. The price has fallen below the MA7 ($55.849), MA25 ($62.456), and MA99 ($68.953) lines on the 1H chart, clearly signaling a short-term downtrend. This is probably also related to the fact that $SOXSB is a 3x inverse semiconductor sector leveraged token. When chip stocks were being dumped, it surged like crazy. Now that the chip market seems to be stabilizing—and some chip stocks even recovered slightly on 6/11—it’s diving right back down 📉.
Switching to the 1D chart gives us the bigger picture: $SOXSB clearly had a massive rally earlier, but then got rejected from the highs, leaving a big red candle at the top, signaling strong downward momentum across the medium and short-term time frames.
