$LPT Double Bottom Trap Emerging! Increased Volume Breaking Levels Exposes Washout Intentions, 7-8 Range Fluctuation Becomes a Foregone Conclusion
LPT's early morning price surged to 10.777, seeming like a rebound was on the way, but it didn't hold for long before being smashed down again, and now the price has dropped back to 7.291
On the candlestick chart, two large bearish candles completely extinguished the earlier signs of a small rebound. During the decline, the trading volume significantly increased, with follow-up sell orders coming one after another, while the volume during the rebound couldn't keep up, clearly showing a gradual downward trend
The main force is probably using this wave of decline to wash out positions. If those holding can't withstand this kind of volatility, they might have to cut losses at the low point.
To be honest, this position looks a bit like a double bottom, but without accompanying trading volume, it feels insubstantial. If another wave of panic selling occurs, it could continue to break down further.
Currently, market sentiment is quite low, and the remaining active funds are on the sidelines, waiting for new capital to come in and save the situation.
But based on the current trading volume and moving average arrangement, it's too difficult to reverse; in the short term, it’s likely to continue fluctuating between 7 and 8 to find a bottom.
A few who want to bet on a rebound need to pay attention to changes in volume. If it continues to shrink, it might need to step down again; if the support level doesn't hold, the low could potentially be refreshed.
Crypto insights, click my profile to follow me for more, hundreds of times potential coin deployment and daily spot strategy included!