$POWER I’m biased long, but I won’t chase above 0.18. In the past 24 hours it’s still up about 24%. After it hit 0.208, it didn’t immediately snap back to the original level; what’s even more unusual is that over the past 8 hours the open interest (OI) actually dropped by about 6%, while the funding rate is still -0.033% per 4 hours.
This doesn’t look like fresh longs continuing to pile on leverage—it looks more like old positions cooling off, while shorts are still paying. Spot hasn’t been absent either: Binance Alpha spot volume over 24 hours is about $63.5 million, and futures turnover is about $243 million. But now volume is already below the peak. If the squeeze ends and spot can’t keep up, then even a range-bound consolidation at the highs could turn into another leg of downside.
I’m only waiting for a pullback to 0.176—0.180 where price holds on reduced volume, or for a 15-minute breakout with volume that closes back above 0.194. If the 1-hour chart closes below 0.168, the bullish thesis fails. $POWER —this burst of strength, is it spot demand taking away liquidity, or is it the final vacuum created by shorts covering? #POWER #PowerProtocol #contract data
This doesn’t look like fresh longs continuing to pile on leverage—it looks more like old positions cooling off, while shorts are still paying. Spot hasn’t been absent either: Binance Alpha spot volume over 24 hours is about $63.5 million, and futures turnover is about $243 million. But now volume is already below the peak. If the squeeze ends and spot can’t keep up, then even a range-bound consolidation at the highs could turn into another leg of downside.
I’m only waiting for a pullback to 0.176—0.180 where price holds on reduced volume, or for a 15-minute breakout with volume that closes back above 0.194. If the 1-hour chart closes below 0.168, the bullish thesis fails. $POWER —this burst of strength, is it spot demand taking away liquidity, or is it the final vacuum created by shorts covering? #POWER #PowerProtocol #contract data
