$GWEI At 3:30 AM, this move is a bit interesting—within 15 minutes it surged 2.49%, and the volume expanded to 2.65x.
The key point is that OI rose along with the price. In the past hour, the contracts’ notional value also increased by 110K, suggesting new longs are entering and driving it, not that it’s just bullish inflation from short covering. The closing price also just broke above the highs of the last 20 five-minute K-lines. Active buy orders are higher by 33%, and the buy/sell ratio is close to 2:1—so the order book does look more bullish.
That said, Z is already at 3.53, and the pool’s abnormal ranking has climbed to second place. At this point, the price is already near the historical extreme range. If you’re thinking about chasing, weigh the risk-benefit carefully—don’t just look at the percentage gain and get carried away.
The key point is that OI rose along with the price. In the past hour, the contracts’ notional value also increased by 110K, suggesting new longs are entering and driving it, not that it’s just bullish inflation from short covering. The closing price also just broke above the highs of the last 20 five-minute K-lines. Active buy orders are higher by 33%, and the buy/sell ratio is close to 2:1—so the order book does look more bullish.
That said, Z is already at 3.53, and the pool’s abnormal ranking has climbed to second place. At this point, the price is already near the historical extreme range. If you’re thinking about chasing, weigh the risk-benefit carefully—don’t just look at the percentage gain and get carried away.