Perpetual futures funding rates plunged straight to -2%, laying bare the overvaluation behind the explosive rally.
The bullish news of a listing on Upbit briefly drove the price to a high, but $KAIA faced heavy selling pressure both times it surged on the hourly chart, with buying support at higher levels severely lacking. Market sentiment faded quickly. Rather than enthusiasm for chasing the rally, the buildup at the highs reflected major players’ resolve to use the opportunity to sell.
Without genuine buyers building a base at lower levels, gains propped up purely by news are nothing but a house of cards. As bearish sentiment among market participants spreads further, this rally—which has run out of steam—will only see a deeper pullback once the excess is washed out.
#比特币反弹至8.3万美元 #KAIA $KAIA
#RLC $RLC
#比特币反弹至8.3万美元
👇
The bullish news of a listing on Upbit briefly drove the price to a high, but $KAIA faced heavy selling pressure both times it surged on the hourly chart, with buying support at higher levels severely lacking. Market sentiment faded quickly. Rather than enthusiasm for chasing the rally, the buildup at the highs reflected major players’ resolve to use the opportunity to sell.
Without genuine buyers building a base at lower levels, gains propped up purely by news are nothing but a house of cards. As bearish sentiment among market participants spreads further, this rally—which has run out of steam—will only see a deeper pullback once the excess is washed out.
#比特币反弹至8.3万美元 #KAIA $KAIA
#RLC $RLC
#比特币反弹至8.3万美元
👇