MEW’s recent rally is accompanied by unusually fast position expansion. According to Binance’s public data at 13:36 (UTC+8), the perpetual contract for $MEW is at 0.0005646, up 21.73% over the past 24 hours, with trading volume of approximately 28.01 million USDT. This asset only has confirmation in the perpetual market.
The previous complete hour saw a rise of 0.67%, with trading volume around 3.72 million USDT and a slight week-over-week decrease of 0.59%. Over the past 4 hours, it has gained 5.06% in total, and the current price is 1.40% above that hour’s close. The price is still being lifted, but the latest hour did not see a corresponding surge in volume; whether there is sufficient follow-through to chase the move needs to be verified.
The OI (open interest) over the last hour increased by 10.96%, and within a 30-point window it accumulated an increase of 126.76%. The Funding rate indicator is -0.1282%, and the most recent settlement was -0.1041%. With rapid position build-up and deeply negative funding rates, it could either continue to amplify short squeezes or increase the degree of reverse deleveraging; however, OI alone cannot determine the direction of the newly added positions.
If there is a volume breakout above 0.0005792 and the OI growth rate stabilizes, there will be grounds for the upward structure to continue expanding. If it breaks below 0.0005461 and is accompanied by a rapid OI contraction, I will first guard against crowded positions retreating rather than chasing the rally.
The previous complete hour saw a rise of 0.67%, with trading volume around 3.72 million USDT and a slight week-over-week decrease of 0.59%. Over the past 4 hours, it has gained 5.06% in total, and the current price is 1.40% above that hour’s close. The price is still being lifted, but the latest hour did not see a corresponding surge in volume; whether there is sufficient follow-through to chase the move needs to be verified.
The OI (open interest) over the last hour increased by 10.96%, and within a 30-point window it accumulated an increase of 126.76%. The Funding rate indicator is -0.1282%, and the most recent settlement was -0.1041%. With rapid position build-up and deeply negative funding rates, it could either continue to amplify short squeezes or increase the degree of reverse deleveraging; however, OI alone cannot determine the direction of the newly added positions.
If there is a volume breakout above 0.0005792 and the OI growth rate stabilizes, there will be grounds for the upward structure to continue expanding. If it breaks below 0.0005461 and is accompanied by a rapid OI contraction, I will first guard against crowded positions retreating rather than chasing the rally.
