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$$FOLKS 24-hour surge of 36% to 2.79, but after reaching a high of 2.91 it pulled back. Is this a shakeout or a trap?
Bullish reasons: trading volume surged to 48M, the trading activity has indeed increased; rebounded from the low of 1.96, showing sufficient bottom turnover; Algorand ecosystem is warming up, FOLKS is benefiting from liquidity dividends.
Bearish reasons: the move from 2.91 to 2.79 has weakened, chasing the high may cause funds to run away; the daily chart is still in a long-term downtrend; small coins like this are prone to a quick spike followed by a crash.
My personal strategy: don’t chase at the current price, wait for a pullback to around 2.5 to try a small position for a long, stop-loss at 2.3, take profit at 3.2. Keep position size within 10%, don’t be greedy.
In this volatile market, the biggest risk is getting caught up emotionally. I’m veteran trader Ah Hao, only sharing data, not hype.
If it can rise, subtract 1; if it crashes, subtract 2.