$PENDLE This 15m has a bit of interest. The price surged up 0.83%, breaking above the upper bound of the recent 20 five-minute bars. Volume directly jumped to 3.52 times; the aggressive buy order skewed by 15.8%, buy/sell ratio is 1.38, and the funding rate is still in the upper quantile recently.
But OI is declining—15m -0.09%, 1h -0.03%. Meanwhile, the notional increased. This structure of price up while OI down looks more like short covering pushing it up, not fresh long entries. With 83.3% abnormal percentile, within the whole pool #11, and depth has been confirmed.
Can it continue? After the short covering is completed, will there be real demand stepping in?
But OI is declining—15m -0.09%, 1h -0.03%. Meanwhile, the notional increased. This structure of price up while OI down looks more like short covering pushing it up, not fresh long entries. With 83.3% abnormal percentile, within the whole pool #11, and depth has been confirmed.
Can it continue? After the short covering is completed, will there be real demand stepping in?