The recent trend of FOLKS is indeed concerning. From an on-chain perspective, Large Investors have been gradually exiting, and the Candlestick chart has consecutively fallen below several key moving averages in the last 24 hours, with the overall technical indicators showing a clear acceleration of the decline.

The more heartbreaking aspect is the current situation of the long and short battle. Right now, the long-short ratio is about 1:1, but from the liquidation data, the frequency of long positions being liquidated is more than twice that of short positions. What does this indicate? Bulls are constantly being knocked down in their attempts to rebound, and repeated failures have severely damaged the market's confidence in rising.

From a technical perspective, when the price has lost its main support and the market has also lost consensus, the subsequent trend becomes quite difficult to reverse. The power of the market is like gravity; once a downward trend is established, the courage to buy the dip often becomes the most expensive price to pay.

Based on the current trend and technical signals, the first obvious resistance level is around $4.50. If it falls below this, $3.85 will become the next key support. Of course, no one can predict market changes, but probabilistically, it currently favors the bears. Trading is about finding higher probability opportunities, and this time the odds are clearly not in favor of the bulls.