$PONS This wave is a bit interesting. The price of 15m is down 1.75%, but the OI is rising—1h +0.60%, yet notional shrank by 3.31%. A typical move: price down while positions increase. New shorts are coming in; it’s not long-liquidation by sell-offs.
Earlier, the 5m close already broke through the lower band of the past ~20. Active volume is worse by -10.3%, buy/sell ratio is 0.81, and sell pressure is clearly real. In the whole pool, the anomaly ranks #10, notional change ranks #9, and the depth check also hit the edge of the range.
The 24h traded value is still 209M, so liquidity hasn’t collapsed. At this level, it could be the shorts continuing to press, or a false breakout coming back to sweep. My inclination is to first see whether it can reclaim the lower bound of the range—if it can’t, there may be another leg down below.
Earlier, the 5m close already broke through the lower band of the past ~20. Active volume is worse by -10.3%, buy/sell ratio is 0.81, and sell pressure is clearly real. In the whole pool, the anomaly ranks #10, notional change ranks #9, and the depth check also hit the edge of the range.
The 24h traded value is still 209M, so liquidity hasn’t collapsed. At this level, it could be the shorts continuing to press, or a false breakout coming back to sweep. My inclination is to first see whether it can reclaim the lower bound of the range—if it can’t, there may be another leg down below.