$ON
❌ $ON hit with 26.2x sell volume spike, is this over or just starting?
- Given the extreme volume spike and sharp drop, this looks like a strong distribution phase or panic exit, favoring more downside in the short term unless there’s a convincing reversal formation
- I expect ONUSDT.P to initially test 0.0938, then target the key support at 0.09085, and potentially sweep the most recent low at 0.08908
- If price bounces and fails to reclaim 0.09807 or 0.09917, this is an ideal spot for short entries with confirmation — for example, look for a bearish engulfing candle, rejection wick, or momentum stalling on lower timeframes, then enter a short targeting 0.0938, 0.09085, and possibly 0.08908. Place your stop-loss just above the most recent swing high or the failed breakout
- If, however, price wicks below 0.08908 and reverses with strong bullish momentum (pin bar, engulfing, or lower timeframe trend break), aggressive traders can look for a reversal long back into 0.0938 or 0.09569
- Key confirmation to watch: If you see a sweep of 0.08908 with instant recovery and strong volume, that’s a possible sign of smart money accumulation, otherwise, the bias remains bearish
📝 This is not investment advice, but an educational report. Always wait for your confirmations and manage risk carefully — volume spikes like this often precede both breakdowns and sharp reversals!
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#ON