The key isn't how much it's dropped, but who's picking it up. With $WAL 12 points down, the volume piled up to 389 million, but the turnover is only 14 million—do the math, and you'll see the average order size is pretty small, indicating that the ones picking up the pieces are retail traders, while the big players are sitting on their hands.
The price has directly crashed to around 0.03448, with the close still hovering at 0.03463. The issue isn't whether this support level is strong enough, but the fact that each rebound can't even push out a decent volume bar, which is a classic sign of weak consolidation. Looking at sentiment, the fee rates are pretty balanced between bulls and bears, but the more it stays like this, the riskier it gets—this means the bulls are trapped, and no one dares to increase their positions for a bottom-fishing attempt, while the bears aren't interested in doubling down either. The market is as cold as a morgue.
At this position, I'm not looking for a rebound; I'm leaning more towards another leg down to find new support. Don't rush to catch the falling knife; let's wait for volume to show up first. Those who have been trapped know the drill, hit that like button so I can see how many brothers are still holding strong.
#WAL