$Niu Lai is up nearly 7% in 24 hours, but the real divergence is that prices have recovered while open interest has barely moved. The first test around 0.0700 was also quickly rejected, so for now, the rebound should not be equated with a trend reversal.
At 11:08, spot was around 0.06749, up 6.92% over 24 hours. Perpetual open interest was down 0.14% over 24 hours and nearly unchanged over the past three hours; the funding rate was about 0.005%. A full 1-hour candle reached a high of 0.06996 and closed at 0.06863, followed by another hourly candle that pulled back and closed at 0.06722. The verifiable facts are that prices rose while leverage did not expand. The more likely market interpretation is spot buying and short covering, rather than fresh longs chasing prices higher.
Price is currently above the 1-hour EMA20 at around 0.06710, but remains below the EMA50 at around 0.06886 and the 4-hour EMA20 at around 0.07043. Only a full 1-hour close above 0.0690 would put another test of 0.0704 within reach. A close below 0.0665 would weaken the recovery, with 0.0659 in focus. #牛来 #HotTopicAnalysis
At 11:08, spot was around 0.06749, up 6.92% over 24 hours. Perpetual open interest was down 0.14% over 24 hours and nearly unchanged over the past three hours; the funding rate was about 0.005%. A full 1-hour candle reached a high of 0.06996 and closed at 0.06863, followed by another hourly candle that pulled back and closed at 0.06722. The verifiable facts are that prices rose while leverage did not expand. The more likely market interpretation is spot buying and short covering, rather than fresh longs chasing prices higher.
Price is currently above the 1-hour EMA20 at around 0.06710, but remains below the EMA50 at around 0.06886 and the 4-hour EMA20 at around 0.07043. Only a full 1-hour close above 0.0690 would put another test of 0.0704 within reach. A close below 0.0665 would weaken the recovery, with 0.0659 in focus. #牛来 #HotTopicAnalysis