BNB 'plummets' to $630, is it a bargain or a trap? The market is shrouded in fog!
It seems that BNB has only dropped a little, but behind it could be the market makers playing tricks, engaging in wash trading! The price is like a roller coaster, going up and down, but the trading volume has quietly decreased.
There’s a lot of noise in the market, but in reality, the goods were already snatched up! The price jumped from $625 to $630 starting at midnight, but the trading volume dropped by 23%. Isn’t this just the market makers maneuvering, with no new money coming in!
Given BNB's current situation, it is very likely that a significant drop is coming next. This morning, that big green candle suddenly broke through the 5-day moving average, but was quickly pulled back; this is a classic 'fishing' technique.
During the sell-off, someone quietly transferred 52,000 BNB, roughly $32.7 million, to Binance, likely a big player testing the waters to see if the market is stable.
Why is the situation concerning now? The reduced trading volume is rebounding, which indicates that retail investors are trapped and unwilling to sell; the market makers are taking the opportunity to raise prices and then offload. All the good news for BNB has been released, and mining profits have also plummeted, going from making a lot to now earning pitifully little.
The market makers are playing a psychological game—first they let it drop once, scaring away those who like to leverage; then they let it drop again, scaring away long-term holders; once everyone is numb, they will initiate a real drop, and that will be disastrous.
Platform tokens are the most sensitive to news, and Binance has already played all its good cards!
Next, I will prepare some suitable coins for bottom-fishing as a recovery plan. If you feel lost and helpless, leave a message for me to see you; choice is greater than effort!
