That's a brutal reversal on ONG, wiping out nearly half the weekly gain in 24 hours.
The run from 0.0677 to a 0.260 high ended on $48M of volume, with price now pinned below its 20-day EMA at 0.130.
The desk reads this as a blow-off top, not a healthy pullback. A failure to reclaim the EMAs suggests the next move is a test of the 0.112 low. This is where longs from the last week become exit liquidity.
Are you buying this support, or do you think the sellers own this tape now?
$ONG
We post through the day, every day. Follow if this is useful.
The run from 0.0677 to a 0.260 high ended on $48M of volume, with price now pinned below its 20-day EMA at 0.130.
The desk reads this as a blow-off top, not a healthy pullback. A failure to reclaim the EMAs suggests the next move is a test of the 0.112 low. This is where longs from the last week become exit liquidity.
Are you buying this support, or do you think the sellers own this tape now?
$ONG
We post through the day, every day. Follow if this is useful.
