Up 86.6%, then slammed 35% from the peak.
On November 14, $AKE opened at 0.0063, surged to 0.0181, then got slammed back to 0.0118—a 3x high-to-low range. Trading volume was 1.425 billion U across 20 million trades, averaging 71 U per trade.
Who’s catching this falling knife? Put simply, 71 U per trade means retail traders are just passing tokens back and forth. Institutional volume has long since been drowned out by turnover.
The funding rate is -0.46%—shorts are paying to stay short. With the price up 86% and still this many shorts, it shows the rally isn’t driven by consensus; there just isn’t enough supply.
Using the 0.618 retracement, I calculate 0.0105 as the key level. Watch 0.0105: if it breaks, that 86% rally was just a smokescreen for distribution.
In a wick-driven market, don’t chase either end.
#BlackAndWhiteBreakdown
On November 14, $AKE opened at 0.0063, surged to 0.0181, then got slammed back to 0.0118—a 3x high-to-low range. Trading volume was 1.425 billion U across 20 million trades, averaging 71 U per trade.
Who’s catching this falling knife? Put simply, 71 U per trade means retail traders are just passing tokens back and forth. Institutional volume has long since been drowned out by turnover.
The funding rate is -0.46%—shorts are paying to stay short. With the price up 86% and still this many shorts, it shows the rally isn’t driven by consensus; there just isn’t enough supply.
Using the 0.618 retracement, I calculate 0.0105 as the key level. Watch 0.0105: if it breaks, that 86% rally was just a smokescreen for distribution.
In a wick-driven market, don’t chase either end.
#BlackAndWhiteBreakdown
