AKE is currently around 0.0061u. A single strong bullish candle directly pushed price back up to the level beneath the historical high, and within 24 hours it rose nearly 50%. I won’t deny the strength of this move—within the four-hour window, the momentum and acceleration are entirely on the bulls’ side.
But I’m not chasing this spot.
The issue is here: it’s moving too fast, and the order book hasn’t kept up. The depth of the spot buy-side is only about two-tenths of the sell side at best. There’s a stack of sell orders sitting overhead, while the buy orders below are very thin. If it wants to keep charging higher, real money is needed to chew through that wall. If the buy side can’t stay connected, the pullback will come quickly.
The futures side is also awkward. Open interest is increasing as price rises, but the funding rate turns negative instead. The shorts don’t accept this level and are pushing against the move—while being counter to the trend. It’s either they keep squeezing higher, or volatility expands; in either case, both sides are likely to get slapped.
Most importantly, on the spot side I haven’t seen signs of sustained new large orders. This move looks more like a pulse driven by the futures side rather than genuine spot accumulation.
So my plan is: observe first, don’t chase. The price is already right near the ATH; chasing in doesn’t offer a favorable payoff. Wait for a pullback, and see whether there are people willing to take orders lower. If it can be picked up and held, then consider it—if not, it’s likely a rally that turns into a pullback.
#ake $AKE
But I’m not chasing this spot.
The issue is here: it’s moving too fast, and the order book hasn’t kept up. The depth of the spot buy-side is only about two-tenths of the sell side at best. There’s a stack of sell orders sitting overhead, while the buy orders below are very thin. If it wants to keep charging higher, real money is needed to chew through that wall. If the buy side can’t stay connected, the pullback will come quickly.
The futures side is also awkward. Open interest is increasing as price rises, but the funding rate turns negative instead. The shorts don’t accept this level and are pushing against the move—while being counter to the trend. It’s either they keep squeezing higher, or volatility expands; in either case, both sides are likely to get slapped.
Most importantly, on the spot side I haven’t seen signs of sustained new large orders. This move looks more like a pulse driven by the futures side rather than genuine spot accumulation.
So my plan is: observe first, don’t chase. The price is already right near the ATH; chasing in doesn’t offer a favorable payoff. Wait for a pullback, and see whether there are people willing to take orders lower. If it can be picked up and held, then consider it—if not, it’s likely a rally that turns into a pullback.
#ake $AKE