COOKIE's recent dip has the most counterintuitive aspect: the more panic there is, the more we need to watch if the selling pressure is nearing its end.
COOKIE has dropped -18.33% in the past 24 hours, with a deeper pullback. Right now, the focus isn't on how much it's dropped, but whether the selling pressure is close to running out. The current price is around 0.01495, with a 24h trading volume of about 9.78 million, and the increased volume seems like a panic sell-off.
Key indicators: 30m RSI is currently at 29.00, which has entered the oversold zone. Here, we can't just equate oversold with a reversal; what's more important is whether the RSI can turn upward and if the price can reclaim the short-term moving average. The 30m Super Trend is at 0.015417, and the current price is above it, indicating that the structure is leaning towards trend continuation.
The real action point lies in the divergence: some are looking for a breakdown, while others see a panic recovery. I'm more interested in whether the panic sentiment is starting to recover; however, even a sharp pullback can easily turn into a weak recovery.
At this position, don't rush to call a bottom; the quality of the next pullback is more important than the viewpoint.
#COOKIE #Alert
COOKIE has dropped -18.33% in the past 24 hours, with a deeper pullback. Right now, the focus isn't on how much it's dropped, but whether the selling pressure is close to running out. The current price is around 0.01495, with a 24h trading volume of about 9.78 million, and the increased volume seems like a panic sell-off.
Key indicators: 30m RSI is currently at 29.00, which has entered the oversold zone. Here, we can't just equate oversold with a reversal; what's more important is whether the RSI can turn upward and if the price can reclaim the short-term moving average. The 30m Super Trend is at 0.015417, and the current price is above it, indicating that the structure is leaning towards trend continuation.
The real action point lies in the divergence: some are looking for a breakdown, while others see a panic recovery. I'm more interested in whether the panic sentiment is starting to recover; however, even a sharp pullback can easily turn into a weak recovery.
At this position, don't rush to call a bottom; the quality of the next pullback is more important than the viewpoint.
#COOKIE #Alert