The data looks off. $US A 16% drop in 24 hours, but trading volume surged to $8 million, which is 5 times higher than a few days ago.

I’ve been watching this pair for nearly a year. Tonight’s situation means either the whales are dumping to wash out weak hands, or the scammy whales have already run away. The 24h high was 0.0145 and low was 0.0112, with a 27% amplitude — even for a small-cap coin that’s extreme. The core anomaly is: large sell orders are obvious, but the order volume near 0.011 suddenly decreased, meaning the original support wall was quietly removed.

Three possible implications: 1. Whale rotation. Accumulating through the crash — the 0.011-0.012 range has been the bottom area for the past three months. If they re-collect chips, they might push it back to 0.02. That’s the optimistic scenario. 2. Arbitrageurs exiting. From last night to this morning, there was a hint of pumping and dumping. This sell-off might be market makers or the team dumping before releasing bearish news. If 0.011 is lost, the next support would be at 0.008 or even lower. 3. Contract liquidation. An 8 million 24h volume for a coin with only tens of millions in market cap is ridiculous. It’s likely a combination of forced long liquidations and short chasing. Pay attention to the funding rate — if it’s negative and sustained, it means sentiment is one-sided.

Trading suggestion: Don’t catch a falling knife. Wait for stabilization in the 0.0112-0.0115 range, then go lightly long with a stop loss at 0.0108. If it breaks below 0.011, abandon all bullish thoughts. Keep position size under 3%. This kind of signal only appears a few times a year, but each time it’s hard-earned experience. My own stop loss is already set around 0.0112 — if it breaks, I’ll clear all positions and wait.

If you find this useful, go to Gate to check the depth data yourself. I’m looking at a small table I track daily. Don’t follow my trades — judge your own profit and loss.