In less than an hour, $HEMI was slammed from 0.0119 to 0.0078, a drop of 29%—the volume on this bearish candle hit 680 million, while the funding rate was sitting at -0.3271%, meaning shorts were almost paying no cost.
A high-volume drop with no divergence means there was no support to absorb it. If 0.0080 can’t hold, the next level to watch is 0.0075; overhead resistance is first at 0.0092-0.0095—whether it can reclaim that range or not. If it can’t, don’t expect a rebound.
The funding rate makes it clear longs don’t want to pay, and if there’s still any attempt to push it up, this volume needs to be digested first. Wait for the next 4-hour candle to close before deciding the direction. Drop a number in the comments: do you think $HEMI has bottomed now?
#HEMI
A high-volume drop with no divergence means there was no support to absorb it. If 0.0080 can’t hold, the next level to watch is 0.0075; overhead resistance is first at 0.0092-0.0095—whether it can reclaim that range or not. If it can’t, don’t expect a rebound.
The funding rate makes it clear longs don’t want to pay, and if there’s still any attempt to push it up, this volume needs to be digested first. Wait for the next 4-hour candle to close before deciding the direction. Drop a number in the comments: do you think $HEMI has bottomed now?
#HEMI