$GNS It went from 0.37 to 0.858 overnight, more than doubling. But looking at the daily chart, aggressive buy orders accounted for just 49.5% of volume in the October 13 candle—almost exactly the same as sell orders. Nobody was frantically scooping it up; the price was pushed higher in a market with almost no sell orders.
First, look at how small the market was. Before the rally, GNS traded just $140,000 to $360,000 a day, with a 30-day average of $570,000. On October 13, daily volume hit $8.92 million, nearly 16 times the usual level. According to CMC, its total market cap was only a little over $17 million. Binance has no GNS perpetual futures contract, so there was no fuel for a short squeeze. This was a pure spot-market liquidity vacuum.
During the sharpest part of the rally, from 9 p.m. to 1 a.m., the share of aggressive buying fluctuated between 44% and 58% each hour—never one-sided. In the hour starting at 9 p.m., just $330,000 was traded, yet the price surged from 0.369 to 0.569. It wasn't that there were more buyers than the market could handle; there were simply too few sell orders.
Now the order book has flipped. In the depth I just checked, within 5% of the current price of around 0.745, there were only $13,900 in buy orders versus $108,000 in sell orders—almost an eightfold difference. In a thin market, prices rise when nobody is selling, and they fall when nobody is there to buy. Right now, what's missing is buyers willing to step in below. Since the peak, each rebound has been lower: 0.840, 0.799, then 0.771—right into the old resistance zone around 0.74 to 0.77 from April this year.
On the 1-hour chart, the KDJ K value is at 55, below the D value at 66, while J has fallen to 33—the bearish crossover is heading down. The 1-hour ATR is 0.11, or 15% of the price, so a single candle can cover a lot of ground. The daily EMA200 is at 0.543; before the rally, the price had been held below this line.
I have no position in GNS. I won't chase it below 0.80, and I won't open a short into this stack of sell orders either. I'd only change my view if it gets above 0.80 on the 1-hour chart and more than half of the $100,000 sell wall above is taken out. Until then, I'm treating 0.67 to 0.80 as this move's trading range. If 0.67 gives way, 0.543 is the next level to watch.
#GNS #AltcoinMoves
First, look at how small the market was. Before the rally, GNS traded just $140,000 to $360,000 a day, with a 30-day average of $570,000. On October 13, daily volume hit $8.92 million, nearly 16 times the usual level. According to CMC, its total market cap was only a little over $17 million. Binance has no GNS perpetual futures contract, so there was no fuel for a short squeeze. This was a pure spot-market liquidity vacuum.
During the sharpest part of the rally, from 9 p.m. to 1 a.m., the share of aggressive buying fluctuated between 44% and 58% each hour—never one-sided. In the hour starting at 9 p.m., just $330,000 was traded, yet the price surged from 0.369 to 0.569. It wasn't that there were more buyers than the market could handle; there were simply too few sell orders.
Now the order book has flipped. In the depth I just checked, within 5% of the current price of around 0.745, there were only $13,900 in buy orders versus $108,000 in sell orders—almost an eightfold difference. In a thin market, prices rise when nobody is selling, and they fall when nobody is there to buy. Right now, what's missing is buyers willing to step in below. Since the peak, each rebound has been lower: 0.840, 0.799, then 0.771—right into the old resistance zone around 0.74 to 0.77 from April this year.
On the 1-hour chart, the KDJ K value is at 55, below the D value at 66, while J has fallen to 33—the bearish crossover is heading down. The 1-hour ATR is 0.11, or 15% of the price, so a single candle can cover a lot of ground. The daily EMA200 is at 0.543; before the rally, the price had been held below this line.
I have no position in GNS. I won't chase it below 0.80, and I won't open a short into this stack of sell orders either. I'd only change my view if it gets above 0.80 on the 1-hour chart and more than half of the $100,000 sell wall above is taken out. Until then, I'm treating 0.67 to 0.80 as this move's trading range. If 0.67 gives way, 0.543 is the next level to watch.
#GNS #AltcoinMoves