$ONG has been sold off quite aggressively at this level.
Just after a quick glance, it dropped another 1.16% in 15 minutes, with volume expanding to 6.3x, and price directly breaking below the lower edge of nearly 20 five-minute candles. The key point is that there’s no sign of any resistance from the bulls here — aggressive sell imbalance is -33.8%, the buy/sell ratio is 0.49, and it’s almost entirely driven by aggressive dumping.
Looking at the futures market as well, this level of OI is interesting. It fell by a bit over two points in both the 15-minute and 1-hour timeframes, with notional changes both around the -300K level, but the anomaly percentile has already surged to 99.8%, ranking second in the entire pool. This structure looks more like longs admitting defeat and exiting, rather than new shorts entering to press the price down.
In plain terms, this isn’t a panic wick; it’s an orderly contraction in positions. Leverage is being unwound, and sentiment is fading. With only 15 million in 24-hour turnover, the market was already thin, and this scale of de-leveraging is enough to push price into extreme territory.
Now it’s just a matter of whether this level can hold. The drop has been sharp and decisive, but with OI continuing to contract to this extent, the most dangerous part of the selloff is often close to ending. That said, before a confirmed stabilization with volume expansion, staying on the sidelines isn’t wrong either.
#ONG #Futures Perspective
Just after a quick glance, it dropped another 1.16% in 15 minutes, with volume expanding to 6.3x, and price directly breaking below the lower edge of nearly 20 five-minute candles. The key point is that there’s no sign of any resistance from the bulls here — aggressive sell imbalance is -33.8%, the buy/sell ratio is 0.49, and it’s almost entirely driven by aggressive dumping.
Looking at the futures market as well, this level of OI is interesting. It fell by a bit over two points in both the 15-minute and 1-hour timeframes, with notional changes both around the -300K level, but the anomaly percentile has already surged to 99.8%, ranking second in the entire pool. This structure looks more like longs admitting defeat and exiting, rather than new shorts entering to press the price down.
In plain terms, this isn’t a panic wick; it’s an orderly contraction in positions. Leverage is being unwound, and sentiment is fading. With only 15 million in 24-hour turnover, the market was already thin, and this scale of de-leveraging is enough to push price into extreme territory.
Now it’s just a matter of whether this level can hold. The drop has been sharp and decisive, but with OI continuing to contract to this extent, the most dangerous part of the selloff is often close to ending. That said, before a confirmed stabilization with volume expansion, staying on the sidelines isn’t wrong either.
#ONG #Futures Perspective