$KERNEL General analysis of this new currency: Should you buy now or not?!
Overview:
Current price: 0.2436 USDT
Daily change: -9.43% (clear drop)
Highest price in 24 hours: 0.3400 USDT
Lowest price in 24 hours: 0.2233 USDT
Volume in 24 hours: Huge (230 million for KERNEL, and 64 million for USDT)
Key observations from the chart:
1. The very large candle: There was a sharp rise from 0.1 to 0.89, then a violent drop to 0.27, which often happens with new currencies after their listing due to temporary liquidity influx and quick exit.
2. Liquidity: Liquidity is unusually high for a new currency, which could indicate manipulation or pump & dump.
Why could it drop to 0.08 within 3 weeks?
The price doubled quickly: The price started from 0.1 and rose unusually to 0.89, then returned to 0.24, which is likely due to pumping and dumping by whales or the team itself.
Magnitude of the drop after the peak: The drop from 0.89 to 0.24 indicates that people sold very intensively, and they are likely still continuing to sell.
Difficult entry: It’s hard to buy now, especially after a huge pump and people starting to exit.
Closest support: The nearest strong support currently is 0.1, and if it breaks, the price could easily drop to 0.08 or lower.
My technical opinion:
The currency is clearly under strong selling pressure.
It is better not to buy currently because entering after a large pump is very risky.
