$HYPE This 15m chart is kind of interesting.
The price is up 0.85%, and the volume immediately shot up to 3.38x. The Z value is 2.15. The 5m closing price has broken above the top of the recent ~20-candle range—so the technical breakout is confirmed.
But looking at OI: the 15m contract is -0.25%, and 1h is -0.76%. Price is rising while OI is falling. This isn’t new longs entering—it’s shorts getting squeezed. Active trading volume is down 7.7%, the buy/sell ratio is 1.17, and buy orders are eating the trades.
The funding rate is still in a high percentile recently, suggesting longs were crowded earlier. Now this move looks more like a short-covering push. The anomaly in the whole pool is #26, nominal change is #5—not the very top-tier signal, but combined with this volume multiple and the breakout above the range, in the short term it still leans toward the bulls.
In the last 24h, trading value is 942M. Liquidity depth is sufficient, so slippage shouldn’t be a big issue.
The only thing is: if OI keeps falling, be careful that this could be the final wave of the squeeze. First, see whether it can hold above this range top.
The price is up 0.85%, and the volume immediately shot up to 3.38x. The Z value is 2.15. The 5m closing price has broken above the top of the recent ~20-candle range—so the technical breakout is confirmed.
But looking at OI: the 15m contract is -0.25%, and 1h is -0.76%. Price is rising while OI is falling. This isn’t new longs entering—it’s shorts getting squeezed. Active trading volume is down 7.7%, the buy/sell ratio is 1.17, and buy orders are eating the trades.
The funding rate is still in a high percentile recently, suggesting longs were crowded earlier. Now this move looks more like a short-covering push. The anomaly in the whole pool is #26, nominal change is #5—not the very top-tier signal, but combined with this volume multiple and the breakout above the range, in the short term it still leans toward the bulls.
In the last 24h, trading value is 942M. Liquidity depth is sufficient, so slippage shouldn’t be a big issue.
The only thing is: if OI keeps falling, be careful that this could be the final wave of the squeeze. First, see whether it can hold above this range top.