$IDOL The second wave has picked up again. After the previous spike to 0.0314 was sold off, this 24-hour move is up nearly 50%, with the current price at 0.0257, just below the recent high of 0.0259.
RSI14 is around 67. The funding rate is still positive at about 0.049%, while open interest fell roughly 5% during this price rise. This looks more like short-covering than genuine follow-through from new longs. Price is holding above the MA20 by a fair margin, so the short-term move looks a little stretched.
Treat 0.0259 as the invalidation level; reassess if it breaks. If it doesn't, a pullback toward the moving average wouldn't be surprising. Use your own judgment; this is not investment advice.
#IDOL #Perpetuals
RSI14 is around 67. The funding rate is still positive at about 0.049%, while open interest fell roughly 5% during this price rise. This looks more like short-covering than genuine follow-through from new longs. Price is holding above the MA20 by a fair margin, so the short-term move looks a little stretched.
Treat 0.0259 as the invalidation level; reassess if it breaks. If it doesn't, a pullback toward the moving average wouldn't be surprising. Use your own judgment; this is not investment advice.
#IDOL #Perpetuals
