$HYPE This pullback is a bit weak. The price is up slightly over 15m (about 15m), but the OI on both the 15m and 1h charts is trending downward. The notional change even ranks it 8th across the whole pool—this looks like a typical short covering spot rather than new longs entering.
The aggressive trade volume gap is -19.5%, buy/sell ratio is 0.67. The bid side is actually on the weaker side. What really held it up is Binance Futures on 5m with ~172K liquidations—positions were concentrated on buying. The shorts were forced to close, which mechanically pushed the price up.
I usually don’t chase this kind of structure. Volume is only 0.36x, the Z value is 0.47, and the abnormal OI percentile is just 32.3%. Depth confirms that something is there, but durability is questionable. 24h traded volume is still 941M, so liquidity isn’t bad, but you still need to watch out for the risk of today’s upper wicks.
Let’s talk about the trend again once OI turns back positive. Right now, this is just a liquidation flush.
The aggressive trade volume gap is -19.5%, buy/sell ratio is 0.67. The bid side is actually on the weaker side. What really held it up is Binance Futures on 5m with ~172K liquidations—positions were concentrated on buying. The shorts were forced to close, which mechanically pushed the price up.
I usually don’t chase this kind of structure. Volume is only 0.36x, the Z value is 0.47, and the abnormal OI percentile is just 32.3%. Depth confirms that something is there, but durability is questionable. 24h traded volume is still 941M, so liquidity isn’t bad, but you still need to watch out for the risk of today’s upper wicks.
Let’s talk about the trend again once OI turns back positive. Right now, this is just a liquidation flush.