$SXT Spot Contract Cautious
Morning classic harvest by the market makers! Stimulated by Binance Alpha's launch of SXT trading and airdrop, SXT was violently pushed up to $0.16878 at the five-minute level but was instantly slammed back below $0.16, resulting in a long upper shadow on the candlestick. This kind of unvolume upward movement is clearly the market makers using good news to offload, with sell orders piling up like a mountain around $0.16. The upper Bollinger Band pressure remains unchanged, and the volume shrinks to $210 million, while the MA5 and MA10 moving averages are flat and sticky, indicating that large capital has no intention of entering the market; it is purely a self-directed play by the market makers.
The market structure is even more disgusting—market makers are playing 'door painting' in the $0.1425-$0.16 range, with the midline support moving down to $0.15, and the bulls can't even produce a single solid bullish candlestick. On-chain data shows that after the mainnet launch, the chips are accelerating in dispersion, with sell orders exceeding 14 million above $0.16, clearly indicating that market makers are using good news as cover for their retreat. The launch of perpetual contracts on Coinbase has exacerbated the volatility, and the early morning spike high of $0.16878 has become a graveyard for the bulls.
The contract party must survive today! Volume has shrunk to recent lows, and market makers love to kill double with up and down spikes. The midline at $0.15 is the lifeline; a breakout below it directly targets the previous low of $0.135. Any rebound before breaking this level is just bait. Spot traders should hold their positions steady and not make impulsive moves; if you want to add positions, wait for a breakout with high volume above $0.16 before following in, and don't believe the market makers' 'false breakout, real entrapment' script.
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