$OGN went from 0.0226 to 0.0536 in a day, more than doubling, and has now dumped back to 0.0391.
Honestly, I don't understand this move. Trading volume was 1.04 billion U, while open interest was only 16 million—a classic case of capital pulling a sneak attack, pumping it and then running. It has fallen 8.5% in the past 6 hours, and the price has already dropped below the MA7 at 0.0421 and the MA25 at 0.0416. Volume is about the same as before, with no support coming in.
The funding rate is -0.0396%, so shorts are paying. The large-trader long/short account ratio is 0.57, with shorts clearly in control. This kind of setup can reverse very quickly.
If it were me, I wouldn't chase it now. I'd wait and see if it pulls back to around 0.033–0.035. That's the mid-range support for this rally. If it holds, I'd lean bullish and enter, with 0.045 as the first target. If it breaks below 0.032, I'd admit I was wrong and get out.
The risk in a nutshell: with this kind of volume setup, another big red candle could appear at any moment.
This move up should get it kicked off that low-market-cap list.
Honestly, I don't understand this move. Trading volume was 1.04 billion U, while open interest was only 16 million—a classic case of capital pulling a sneak attack, pumping it and then running. It has fallen 8.5% in the past 6 hours, and the price has already dropped below the MA7 at 0.0421 and the MA25 at 0.0416. Volume is about the same as before, with no support coming in.
The funding rate is -0.0396%, so shorts are paying. The large-trader long/short account ratio is 0.57, with shorts clearly in control. This kind of setup can reverse very quickly.
If it were me, I wouldn't chase it now. I'd wait and see if it pulls back to around 0.033–0.035. That's the mid-range support for this rally. If it holds, I'd lean bullish and enter, with 0.045 as the first target. If it breaks below 0.032, I'd admit I was wrong and get out.
The risk in a nutshell: with this kind of volume setup, another big red candle could appear at any moment.
This move up should get it kicked off that low-market-cap list.