$WING Morning opened high at 1.262 and quickly broke down. The five-minute candlestick shows a long bearish candle piercing through the MA5/MA10/MA20 three moving averages, forming a bearish squeeze pattern.
The price has been running below the moving averages all day, with the MA5/MA10 widening to 1.5 times the standard deviation, showing an accelerated downward trend. The amplitude of 1.67% corresponds to an entity drop of 18.7% (1.262→1.064), breaking through the previous strong support area at 1.064 at a 45-degree angle with increased volume, and the intraday chart shows that the main funds have continuously sold over 42,000 units in the 1.100-1.064 range.
Currently, there seems to be support around 1.064, but the 30-minute volume bars have shrunk to 37% of the opening volume, and the rebound has not even stabilized above MA5, with obvious signs of trapped positions escaping during the rebound. The annual line at 1.138 is under high pressure and requires at least 3 times the volume to break through. The panic index has soared to 82, and the degree of chip dispersion has increased by 41% compared to yesterday. In the afternoon, if there is no single order above 5,000 units pulling up, the probability of breaking below the 1.0 integer level exceeds 70%.
Buying the dip requires waiting for the price to stabilize above MA20 (1.085) before considering it; the current position's risk-reward ratio is below 1:2.
The short position target is moved down to the 0.93 support area, maintaining a bearish outlook until the trend reverses. Latest on-chain data shows that the project wallet transferred 58,000 WING to the exchange in the early morning, compounded by Binance launching a competing token on the 26th, leading to a sell-off.
Remember: rebounds in a downtrend are always opportunities to reduce positions; holding on in hopes of a reversal will only lead to deeper entrapment.
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