At this stage ($FOGO day 5 listing), price action alone can’t fully separate early unlock pressure from fundamentals. What I’m pointing out is the timing + structure: sharp initial spike, followed by steady sell pressure with declining volume, a pattern we often see from early participants exiting liquidity, not long-term holders accumulating.

If fundamentals were the main issue, we’d usually see continuous heavy volume + aggressive breakdowns, which isn’t fully present yet.

For me, confirmation comes later:

– Does volume return on higher lows?

– Does price reclaim key MAs?

Until then, I treat this as distribution/price discovery, not a fundamental verdict, but I’m open to changing bias if the data changes.

FOGO

0.03048

+4.17%