At around 18:00 May 23, on the Binance chart, ADA had a 1 minute doji (spelling?) that had a top and bottom (change in price) of .8 of a cent.
Can someone explain this to me?
trading bots and large volume, it looks like they âswept the booksâ. either by buying the price up then dropping it down, or by dropping it down then buying back it up. once those high/low orders have been met, and the volume returns to normal, so does the price settle somewhere in that range.
âmarket makersâ who are constantly placing and removing orders on both sides of the bid/ask spread, sometimes their action can make for some long âwicksâ and odd action associated with volume at extremes.
sometimes mistakes happen, called a âfat fingerâ, where someone made a typo in an order, and it executed, creating a wild 1 minute candle. oops.
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This tells more about liquidity of crypto market, than Cardano itself. Poor volumes, lost of units at penny price at oneâs disposal, centralized large ownership of units yields to high price volatility.
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