I will explain to you what happened in the auction currency

This is a trap called a short squeeze trap

It means it is a trap for sellers

All indicators are showing overbought conditions

So sellers enter the market

Whales raise the price to pressure the sellers and liquidate their positions

As the liquidation of short positions increases, the price rises further

Since liquidation is considered liquidity that automatically raises the price

And the upward momentum increases with more buyers entering at higher price levels

The price continues to rise until all short positions are liquidated from a low price

At that time, the whales sell all their holdings

Then the price suddenly collapses, leaving buyers who entered at high levels stuck

This happens in trading and is a classic recurring trap

I wanted to clarify this for you to understand why this happens.