ACT plummeted by 30 points. How should we proceed next?
If nothing unexpected happens, many people have been trapped in ACT again this time, estimated to be stuck in the position range of 0.7u and 0.6u.
Meme coins are often driven by retail investor sentiment, and their candlestick charts are often pure candlesticks, making it easy to see clues from the charts.
A couple of days ago, ACT surged straight from 0.42 to around 0.8u, nearly doubling. Such a surge is often driven by emotion. During the ACT surge, there were no support levels, similar to the situation when Put was just launched, which surged threefold in one day without any support levels. This has also led to the current significant drop.
Coins that rise in a stepwise manner tend to be more resilient, like the recently well-performing XRP.
So where will ACT drop to? I think it is highly likely to drop to around 0.5u, which will initiate a rebound, but the subsequent market behavior will be quite tangled, resulting in a relatively long period of consolidation.
