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Yesterday, I chased the second wave short order around 0.1858 and finally made a profit of 3 times. To be honest, this review is worth discussing.
The $IR project is a liquidity staking protocol within the Berachain ecosystem. The concept of PoL (Proof of Liquidity) does sound appealing, and the narrative about efficiency release is quite good. But the problem is— the market simply doesn’t buy it.
Just take a look at the market and you'll understand. The circulating market capitalization is only about 53 million USD (based on a circulation volume of 205 million), which is simply unstable for a newly launched contract cryptocurrency. A slight influx of large funds or emotional fluctuations can cause movement. Moreover, from the candlestick pattern, it looks terrible: the key support level has already been broken, the RSI has long since fallen below, and the MACD on the weekly chart has a death cross — this is no longer a turning point signal, it's a textbook example of a bear market.
In addition, the high-leverage contract tools recently launched by some leading exchanges provide a lot of volatility fuel for short orders. In this situation, shorting within this price range actually has a pretty suitable risk-reward ratio — as long as you follow the trend, there are basically no counter costs.
Once this support level breaks, it feels like it won't end. I was actually watching this coin when the MACD gave a death cross, just hesitating to make a move.
When big funds rush in, small caps can't withstand it at all. Your entry point is still correct.
PoL sounds impressive, but only a few can really turn a profit; most are just storytelling.
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The MACD has crossed into a death cross and is still holding on, isn't this just the prelude to being trapped?
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Speaking of which, shorting these new coins is the most comfortable, riding the trend to play people for suckers, I want to do it too, just afraid of not having such a good position.
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5300 million in market cap is indeed a joke, a big player can crash it with one big move, no wonder you can get 3 times, the market is too fragile.
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Wait, you mean you chased the second wave at 0.1858? That's really daring, usually I have to wait for the bottom to be confirmed multiple times before I dare to act.
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Your review is indeed clear, but I still feel that more and more people are playing with high leverage contracts, which means the variables are getting bigger, be cautious.
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I've heard this PoL concept so many times that my ears are calloused, whenever I hear these two words I know it's likely to fall, just an experience.
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Looking purely at the technical side, the RSI has broken down and the support has fallen, shorting is simply giving away points, sometimes I feel it's too easy and I'm afraid to take the plunge.