BLESS is around 0.0145 now. I’ll observe first at this level; I’m not in a rush to jump in.
This coin has run pretty wildly before. In a week it surged from the lows to the highs, almost a 4x move, but then within two days it gave back more than half. Now the price is basically grinding right around the lows from the past few days, and the daily chart is still trending downward.
What’s most worth noting is the futures market. Over the past day, the open interest dropped by more than 40%. This kind of movement is generally called leverage liquidation—most of the long positions that chased higher have been swept out. When the price dumps to this area, there is definitely an oversold feel in the short term.
But on the other side, the bulls haven’t completely given up. The funding rate is still positive, and the active buy orders account for just over 55%. On the large account side, the long ratio is also up to more than 60%. In other words, there is money trying to bottom, but whether it can actually hold up the price—at this point, it’s hard to tell.
The problem now is that the direction hasn’t been chosen. In the order book, buy orders are thinner than sell orders, and in the spot market I haven’t seen any decent large trades coming in. Even the news side is pretty bearish. For a small-cap coin like this, volatility is already high—if you chase it here, it’s easy to get hit from both sides.
My stance is to wait. Either wait for it to finish the pullback and then reclaim upward, or wait for a breakout with volume that clearly shows direction, and only then discuss whether to chase. At this level, the risk-reward ratio is just average.
#bless $BLESS