Restoration of the scene of the crash
Starting from June 16 at 22:00, the price of EIGEN plummeted from 1.3285, crashing to 1.1557 in just a few hours. Behind this sharp decline is a double whammy of technical breakdown and panic in news.



Three deadly technical signals

Support level becomes 'paper door':
Previously, the 1.32-1.30 range was an important psychological level, but after breaking below with volume at 22:00, it triggered a chain reaction of stop-loss orders, directly smashing through multiple defenses like 1.28, 1.25, making it a no man's land for shorts.

Order exposure reveals weakness of bulls:

Sell orders pile up like a mountain: The total number of orders from 1.1561 to 1.1558 exceeds 2500 pieces of EIGEN, like a boulder pressing down.

Buy orders are powerless: Buy orders below are sparse, with the largest buying only 1348 pieces, which cannot withstand the selling pressure.

Large order trades hide mysteries:
Multiple 'large trades' appeared during the crash:

1.1555 traded 379.6 pieces

1.1554 traded 88.6 pieces

1.1556 more than 1348 sell orders
Indicates that institutions and large holders are frantically escaping!

News adds fuel to the fire
Although there is no direct public negative news, it can be speculated based on on-chain data and market sentiment:

Suspected project party unlocking selling pressure: As a new coin, early investors or project party chips may be concentrated and released;

Chain reaction of capital withdrawal from gun pools: Recently, ETH staking yields have decreased, and some related DeFi pools withdrawing funds have triggered a selling spree of EIGEN;

Market panic spreads: Bitcoin fell below 67,000 during the same period, altcoins are bleeding profusely, and retail investors are following suit, amplifying the decline.

Key monitoring points for the market

The critical point looks at 1.1550: The current price is struggling near 1.1557, if it loses again, it may slide to 1.14;

Reversal signal focuses on two points:

Can it break through 1.1650 with volume?

Can the order imbalance turn positive?

Main force movements have hidden tricks: a sudden appearance of 892 large sell orders in the order area, if suddenly canceled and reversed to buy long, it could be a sign of a rebound.

Operational strategy advice:

Short-term players: Must stop loss if it breaks 1.1550, if it rebounds to 1.1650 and meets resistance, short again;
Bottom fishing party: Don’t catch the bottom during a sharp drop! Stabilize above 1.16 and strengthen order imbalance before entering in batches;
Long-term holders: Be cautious about adding positions before an ecological explosion.

#币安Alpha上新

Yesterday's 'red envelope rain' in the crypto world, I caught it! How about you? Follow Qiu Ge, let's cut the farmers' leeks from the big players!

$EIGEN