$BASED Let me say it first, I'm not here to draw cakes for you or persuade you to cut meat, but just to stand at an angle where I am crawling in the market like you, breaking and crushing what I can see and making it clear, not hiding or tucking in.
Let's take a look at the most intuitive price trend, from the first day of listing to 0.15, there is almost no decent resistance to the decline along the way. The daily chart is full of downward long negative lines, and even a short-term rebound platform has not been able to stabilize, and every time there is just a little sign of stopping the decline, it is smashed to a new low by new selling pressure. Now that the price has fallen to around 0.056, almost two-thirds of the way from the high, this decline is not a normal pullback, but more like funds leaving the market regardless of the cost. If you look at those indicators, the short-term moving averages are all diverging downward, and there is no intention of turning around at all, indicating that the power of the bears has not been consumed at all, and the current buying order cannot support any selling pressure, and a little sell order comes out, and the price will fall down.
Let's talk about the trading volume, you can see that the volume in the past few days is slowly shrinking, which is not a good thing. Many people think that the shrinkage is that it can't fall, but in fact, this is not the case, the shrinkage shows that there is no new fund willing to enter the market to take over, and the people in the market are either trapped and pretended to be dead, or they have already cut the meat and left, and the rest are passive lying flat chips. The market without buying is like a pool of stagnant water, and the price can only fall with inertia, because no one is willing to come out to carry the sedan chair, and no one dares to go in to buy the bottom. The 24-hour turnover is only more than 6 million, for a new coin that has just been listed, this liquidity is too weak, let alone pulling, it is difficult to stabilize the price, and a slightly larger sell order can smash the price down several points.
Thinking about something deeper, this is a new currency, which was pulled to a high point as soon as it was launched, and it is obviously a wave of short-term speculation of funds. The biggest problem with this kind of project is that there is not enough consensus and long-term financial support, and after the hype is over, the capital runs away is the inevitable result. Now the hot spots in the market rotate too quickly, wave after wave, no one will stay on a weakened target, there are too many opportunities outside, and funds will naturally flow to those places where there is a profitable effect. If you look at the pending orders on the market, the number of selling orders is much greater than the buying orders, indicating that the trap plates above are still waiting to be untied, and once the price rebounds a little, these traps will swarm out, directly extinguishing the signs of the rebound. Many people still have the idea of "waiting for a rebound and leaving", but this idea itself will make you passive, and when it comes to rebound, you will most likely be reluctant to sell because of greed or fluke, and you will be trapped again.
There is also a very real problem, which is market sentiment. The current environment of the entire currency circle is not good, and the funds themselves are cautious, and they are even more respectful of this kind of new coin without any fundamental support. There are no new stories, no new benefits, all rely on the market hyped by funds, once the tide of funds recedes, all that remains is chicken feathers. The current decline is essentially a double collapse of emotions and funds, which cannot be reversed by a few words of "faith", and requires real funds to enter the market and re-establish consensus, and from the current market, there is no such sign.
I know that many people's current mentality is either unwilling to lose so much and want to buy the bottom to spread the cost; or they are numb and simply don't care. But I still have to be honest, in this position, the risk of buying the bottom is far greater than the opportunity, you think you are catching the flying knife, but in fact you may just be taking over for others, and the probability of copying halfway up the mountain is too great. Instead of pinning hopes on an uncertain future, it is better to think about how to keep your principal first, and don't let the losses get bigger and bigger.
I'm not saying that this coin will definitely have no chance, but judging from all the current signals, it does not support an immediate reversal. If you really want to participate, it is better to wait for it to come out of a clear stabilization signal, such as stopping the decline, re-standing on the short-term moving average, and continuous buying power, and then consider whether to enter the market. Before that, all dip-buying behaviors were head-to-head with bears, and the result was most likely to be bloodied.
You don't have to rush to refute me, the market will give the truest answer, you can observe for a while to see if what I said will come true step by step. After all, in this market, it is never by gambling that you can survive, but by reverence for risk and rational judgment. $BASED