There’s a shift that matters more than the +29% move in $GTC .
A few hours ago, Open Interest reached 62.19 million GTC. Now it’s down to around 52.54 million.
Nearly 9.7 million positions have disappeared.
What’s interesting is that the price hasn’t given back all of its gains. $GTC is still around $0.1915, with a 24-hour high of $0.2488 and futures volume already at around $573 million.
So the shape of the move is changing now.
It’s no longer about how quickly $GTC is rising, but whether the price can hold up as futures positions start to unwind.
Three levels to watch:
$0.2488 → the high that needs to be reclaimed to reignite momentum.
$0.1915 → the current price, and an area to watch to see whether the decline in OI can still be absorbed.
$0.1430 → the 24-hour low. If price revisits this area, the story of today’s surge will have changed completely.
$GTC is now entering a more interesting phase: the price still bears the marks of the breakout, but futures fuel is starting to run low.
A few hours ago, Open Interest reached 62.19 million GTC. Now it’s down to around 52.54 million.
Nearly 9.7 million positions have disappeared.
What’s interesting is that the price hasn’t given back all of its gains. $GTC is still around $0.1915, with a 24-hour high of $0.2488 and futures volume already at around $573 million.
So the shape of the move is changing now.
It’s no longer about how quickly $GTC is rising, but whether the price can hold up as futures positions start to unwind.
Three levels to watch:
$0.2488 → the high that needs to be reclaimed to reignite momentum.
$0.1915 → the current price, and an area to watch to see whether the decline in OI can still be absorbed.
$0.1430 → the 24-hour low. If price revisits this area, the story of today’s surge will have changed completely.
$GTC is now entering a more interesting phase: the price still bears the marks of the breakout, but futures fuel is starting to run low.