I discussed $JCT earlier and said that if it failed to break 0.011800, we could see a decline and a retest of the previous rebound zone.
Unfortunately, the price failed to hold 0.010000, exactly as I expected. I suspected that the previous pump was mainly a distribution move targeting traders, and that the price would return to the levels it had risen from.
A real recovery needs actual liquidity entering the market. With volume reaching 2B, selling pressure took over instead of buying pressure.
Most traders were liquidated through funding payments, and this was quite clear from the price action.
Unfortunately, the price failed to hold 0.010000, exactly as I expected. I suspected that the previous pump was mainly a distribution move targeting traders, and that the price would return to the levels it had risen from.
A real recovery needs actual liquidity entering the market. With volume reaching 2B, selling pressure took over instead of buying pressure.
Most traders were liquidated through funding payments, and this was quite clear from the price action.
