📉 $CHIP -10.96% in 24h — bearish momentum building

$CHIP is under heavy fire this morning, sliding nearly 11% to hit the mid-$0.044s as aggressive taker selling overwhelms the bids. While the top-trader long/short ratio still sits at a lofty 1.60, this whale positioning looks increasingly trapped against a deteriorating technical backdrop. The hourly chart has slipped into a textbook bearish structure, with the EMA stack fanning out overhead and the RSI struggling to find a floor above oversold territory. This persistent distribution suggests the current narrow range is a distribution phase rather than a bottom.

📊 Market snapshot

• Price: $0.04401

• 24h range: $0.04300 – $0.04998

• 24h volume: $31.7M

🐋 Whale & insider flow

• Top traders heavily long (1.60x)

• Top-trader account L/S: 0.84

• Taker buy/sell (5m): 0.72 → sellers in control

• Open interest: $13.4M

🔎 Read on the tape

• Bias: Bearish (1H)

• RSI 36.1 · EMA21/50 bear stack

• Conviction: 89%

Follow $CHIP for the next update. Not financial advice.