$PONS is down 18% to 0.288. Two high-volume bearish candles last night crushed the bulls, and today's rebound has been very weak.
Market: Gate perpetuals are currently at 0.2879, with a 24h high of 0.3543 and low of 0.2727, for a range of about 29.9%. Volume is around 7.84 million U. At around 19:00 last night, about 1.22 million U pushed the price down from 0.338 to 0.3117; at 22:00, another roughly 1.69 million U drove it down to 0.2855. Those two bearish candles set the tone. At 08:00 this morning, it retested the daily low of 0.2727. The rebound that followed peaked at just 0.2948 at 15:00, with hourly volume shrinking to around 100,000 U. The price is firmly capped above 0.29.
Reason: The funding rate is +0.0252% (4h). Even after a drop of nearly 20%, longs are still paying to hold their positions. Not all the trapped holders have sold, so every rebound brings more selling from those looking to break even. BTC is up at around 83955 (+0.46%), while this coin is still flat on its back. The selling pressure is coming from the coin itself, not from the broader market.
Conclusion: Bearish bias; don't buy the dip. Short a rebound into 0.292–0.295, with a stop-loss at 0.301. First target: the daily low at 0.2727; if that breaks, look to 0.265. Volume is thinning near the lows, so don't chase shorts—wait for a rebound before acting, and keep positions small.
Market: Gate perpetuals are currently at 0.2879, with a 24h high of 0.3543 and low of 0.2727, for a range of about 29.9%. Volume is around 7.84 million U. At around 19:00 last night, about 1.22 million U pushed the price down from 0.338 to 0.3117; at 22:00, another roughly 1.69 million U drove it down to 0.2855. Those two bearish candles set the tone. At 08:00 this morning, it retested the daily low of 0.2727. The rebound that followed peaked at just 0.2948 at 15:00, with hourly volume shrinking to around 100,000 U. The price is firmly capped above 0.29.
Reason: The funding rate is +0.0252% (4h). Even after a drop of nearly 20%, longs are still paying to hold their positions. Not all the trapped holders have sold, so every rebound brings more selling from those looking to break even. BTC is up at around 83955 (+0.46%), while this coin is still flat on its back. The selling pressure is coming from the coin itself, not from the broader market.
Conclusion: Bearish bias; don't buy the dip. Short a rebound into 0.292–0.295, with a stop-loss at 0.301. First target: the daily low at 0.2727; if that breaks, look to 0.265. Volume is thinning near the lows, so don't chase shorts—wait for a rebound before acting, and keep positions small.