The broader market barely moved today.
$BTC 24 hours: down 0.102%; $ETH was up 0.291%. Neither of these big players could be bothered to move.
The smaller coin was a different story.
$MAGMA plunged 18.505% in 24 hours. It hit a high of 0.34639 today and is now at 0.27965.
I lined up the daily closes for the past six days: 0.4699, 0.38472, 0.38798, 0.35079, 0.28195,
and today's 0.27965. That's a 40.487% drop in six days.
It's now sitting 18% of the way up from the bottom of its 20-day range. The range tops out at 0.56898 and bottoms at just 0.21666.
Honestly, I had to check the position data twice before I believed it.
Open interest fell by only 2.76%, while notional value shrank by 20.68%. That means almost all of the decline came from the price falling—the positions themselves haven't really been pulled out. It's like a pot of soup still on the stove: the heat's been turned down, so the level has fallen, but the ingredients are still in the pot.
The funding rate is still positive at 0.005%; it hasn't turned negative.
Long accounts make up 54.64%, so the difference in the number of accounts on either side isn't that large.
Daily trading volume is 26.28 million USDT, and average daily volatility is 25.04%. There aren't many markets that can handle swings like that.
The price is falling faster than open interest—that's where the divergence lies. The holders providing support haven't budged, and liquidity is still there. All I can say is that the chart looks ugly; I can't say there's no one buying the dip.
What do you all think?
#MAGMA #比特币 #Cryptocurrency
The above reflects my personal trading-system records and observations of market data. It does not constitute investment advice.
$BTC 24 hours: down 0.102%; $ETH was up 0.291%. Neither of these big players could be bothered to move.
The smaller coin was a different story.
$MAGMA plunged 18.505% in 24 hours. It hit a high of 0.34639 today and is now at 0.27965.
I lined up the daily closes for the past six days: 0.4699, 0.38472, 0.38798, 0.35079, 0.28195,
and today's 0.27965. That's a 40.487% drop in six days.
It's now sitting 18% of the way up from the bottom of its 20-day range. The range tops out at 0.56898 and bottoms at just 0.21666.
Honestly, I had to check the position data twice before I believed it.
Open interest fell by only 2.76%, while notional value shrank by 20.68%. That means almost all of the decline came from the price falling—the positions themselves haven't really been pulled out. It's like a pot of soup still on the stove: the heat's been turned down, so the level has fallen, but the ingredients are still in the pot.
The funding rate is still positive at 0.005%; it hasn't turned negative.
Long accounts make up 54.64%, so the difference in the number of accounts on either side isn't that large.
Daily trading volume is 26.28 million USDT, and average daily volatility is 25.04%. There aren't many markets that can handle swings like that.
The price is falling faster than open interest—that's where the divergence lies. The holders providing support haven't budged, and liquidity is still there. All I can say is that the chart looks ugly; I can't say there's no one buying the dip.
What do you all think?
#MAGMA #比特币 #Cryptocurrency
The above reflects my personal trading-system records and observations of market data. It does not constitute investment advice.
