This market is making my head hurt, the price is stuck at 0.054 playing dead. MA5 and MA10 are both diving down, and the MACD histogram has shrunk to -0.00031, clearly a bearish trend feeding the market trash. The trading volume of 1.48 million dollars even makes the dogs shake their heads, indicating that the market makers have no intention of pulling up the price, just playing around in this broken range of 0.05325-0.055 to catch fish. That spike at dawn pierced through 0.05325 and triggered a wave of longs, and now the small orders around 0.054 are clearly traps, just waiting for retail investors to buy the dip before they smash it down. On-chain monitoring shows a giant whale address transferred 20 million ARC to the exchange two hours ago; this guy is definitely going to dump!
Spot traders, listen to me: place an order every 5% drop below 0.053, don't go all in; contract traders, definitely don't touch this, with this volume, both long and short are just giving away money. The ARC project team's Twitter has been silent for three days, obviously cooperating with the market makers to sharpen their knives. I dare to bet, if it doesn't drop to 0.05 today, it won't be over; those buying the dip now are just the market makers' meat tickets!
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