$SOPH Plunging straight from 0.00261000 to 0.00151000—is this a shakeout or real selling? 🤔
I’m leaning toward caution. It’s down 35.97% in 24 hours, and the current price is only 0.00162000. It has bounced just a little from the low of 0.00151000. The 21.2M trading volume shows there’s been plenty of turnover, but buyers clearly aren’t absorbing the selling. From the high of 0.00261000 to now, the price has been cut in half—and then cut in half again. This kind of drop doesn’t look much like a shakeout by the big players; it looks more like panic selling after sentiment collapsed. If I were going to buy the dip, I’d rather wait for it to hold above 0.00151000 and consolidate on lower volume. Jumping in now could mean trying to catch a falling knife.
What do you think? Is 0.00162000 already a golden buying opportunity, or do you think it’ll test the bottom again? Let’s discuss in the comments $SOPH $BTC
I’m leaning toward caution. It’s down 35.97% in 24 hours, and the current price is only 0.00162000. It has bounced just a little from the low of 0.00151000. The 21.2M trading volume shows there’s been plenty of turnover, but buyers clearly aren’t absorbing the selling. From the high of 0.00261000 to now, the price has been cut in half—and then cut in half again. This kind of drop doesn’t look much like a shakeout by the big players; it looks more like panic selling after sentiment collapsed. If I were going to buy the dip, I’d rather wait for it to hold above 0.00151000 and consolidate on lower volume. Jumping in now could mean trying to catch a falling knife.
What do you think? Is 0.00162000 already a golden buying opportunity, or do you think it’ll test the bottom again? Let’s discuss in the comments $SOPH $BTC