$$O This wave dropped from 0.8557 to 0.5413, a nearly 37% decline in just 24 hours. I placed a limit order to buy half a position at 0.85 yesterday, and now my cost basis is still underwater. Don't talk about valuation; the market maker's manipulation logic is just three words: wash, pump, dump.

First wave selloff: Yesterday at 14:00, it dropped from 0.8557 to 0.72, with volume surging to 32 million USDT. Retail investors bought the dip, but I didn't move. The market maker used 200k USDT for early distribution, then large orders created panic, combined with news pressure. At that time, it rebounded 3% near 0.75 to lure retail into bottom-fishing. I directly placed a limit order at 0.85 to run, but only 3 million USDT was filled at 0.85, so the whales weren't comfortable. Second wave: from 16:00 to 20:00, it ranged sideways at 0.72 and slowly declined to 0.68. On the minute chart, volume kept shrinking, so I knew the market maker was accumulating. Then at 22:00, it directly broke 0.6, with turnover surging to 50 million USDT. The RSI technical indicator fell below 30, but was this a bear trap? No, the market maker wants to wash out to the extreme.
Why did I see it stop at 0.5413? — The funding rate was -0.1% for 6 hours, with long positions liquidated by 23k tokens, and short-term shorts had low liquidation costs. The market maker feeds the short sellers first before taking the long's bloody chips. Now at 0.5493, after last night's sharp drop, volume shrank to 50.2M, volatility decreased, but no large bottom-fishing orders are seen. The 24h high of 0.8557 was the best escape level, and you missed it.
Trading suggestion: For non-heavy position holders, lightly try long at the support zone of 0.53-0.55, stop loss at 0.50, take profit at 0.62-0.65, position size 2%. If it breaks 0.50, stop loss must be executed; the market maker's target may kill down to 0.45. Current price 0.5493, don't chase long; better wait for a retest of the 0.54-0.525 zone with a minute-chart volume expansion signal. If you want to gamble on a rebound, set a limit order near 0.54, just 500U. If you lose it all, don't call me dad.
The chart never lies.