$MMT
🏋️ 3.9x Sell Volume Spike on $MMT , distribution or shakeout? - Based on the current structure, I expect further weakness in the short term – this looks like a smart money distribution event rather than just retail panic selling. The breakdown was accompanied by high volume, suggesting commitment to the move. - I would look for short setups on weak bounces into the 0.1914–0.1958 resistance area. If price rallies there and shows clear rejection (such as a bearish engulfing candle or several wicks on lower timeframes), that would be a valid entry for a short position. - First take profit level: 0.1878 (initial support) - Second take profit level: 0.1808 (stronger support and demand, possible place for a larger bounce) - If price crashes straight through 0.1808, look for a continuation towards 0.1766 (the most recent swing low) and possibly as deep as 0.1643 if the selling accelerates. - For your stop-loss, place it just above the rejection wick or above the local swing high of the short setup you take. - Confirmation to wait for: If price bounces back above 0.1958 and closes strongly above that level, or if you see a strong bullish engulfing candle with high volume, be cautious – it may signal absorption or a reversal, at which point I would not hold shorts. - Example scenario: If price rallies from here to 0.1920 and you see a bearish pin bar or a clear rejection on the 5m or 15m chart, enter a short trade there. Take profit at 0.1878, then trail to 0.1808, and consider partials or exit entirely at 0.1766 if momentum remains strong. 📝 This is not investment advice, just an educational report. Trade safely and always wait for clear confirmation before entering positions, especially after such volatile moves! 📊 Get detailed free analysis of any coin on any timeframe you want. Try Finora AI - Your Trade Buddy for free → tinyurl.com/FinoraBot
