๐ $LAYER : Sharp Drop! ๐ฉธ Necessary Correction? ๐ค What's Next? ๐ฎ
Heads up, $LAYER traders! You might've seen that significant drop from $3.43 to $1.85. Here's the potential play-by-play:
๐โก๏ธ๐โก๏ธ๐: After its Binance debut, $LAYER saw a steady climb (small green candles ๐ข) likely orchestrated by larger players (whales ๐). This created a pool of liquidity from retail traders.
๐ฃ Liquidity Grab: To snag that liquidity, whales likely initiated a sell-off, resulting in the sharp red candle ๐ด we just witnessed.
๐ค Holding On... For Now: LAYER is currently sitting on trendline support and the 200 EMA. But sentiment is shaky! ๐ฌ
โฌ๏ธ Bounce Potential? The RSI is showing oversold conditions, hinting at a possible bounce ๐.
๐ Key Levels to Watch:
* Bullish Scenario: Bulls need to hold this trendline support and push the price above $2.2230 to regain upward momentum ๐.
* Bearish Scenario: If we break below the trendline and the 200 EMA, brace for more potential downside ๐ฉธ towards lower support levels.
๐ป Shorts in Control (For Now): It looks like short-sellers are currently in the driver's seat.
Stay vigilant and trade wisely! ๐
Trade Here ๐ :