$AGT It made another big move this morning, up about 118% in 24 hours—the biggest market anomaly today.
Gate perpetuals: AGT is currently around 0.0738, with a daily high of 0.0794 and low of 0.0323, and about 27.49 million U in 24-hour volume. Over the same period, BTC is around 81,490 (-1%). The broader market is falling, but this token is moving entirely on its own.
The move came in three stages:
At around 3 a.m., roughly 3.45 million U in volume drove the first push to 0.0531, but it was immediately knocked back to 0.043, leaving a long upper wick;
At 7 a.m., roughly 4.48 million U took it straight from 0.0497 to 0.0665;
From 8 a.m. until now, another roughly 4.24 million U pushed it to a daily high of 0.0794, where it is hovering around 0.073–0.074.
Yesterday, daytime hourly volume was mostly 330,000–1 million U. Now, several times that volume is driving the move.
The most striking thing is the funding rate: +0.164% per 4 hours. Longs have to pay nearly 1% a day, so the market is clearly crowded. With volume and funding this high, it either keeps squeezing shorts or drops hard and traps the people chasing in. This middle ground probably won't last.
My take:
Don't chase it—above 0.073, everyone is holding positions they entered this morning.
And don't stubbornly short it either; shorting into this kind of volume is just giving money away.
Watch the 0.0615–0.066 area (the 7 a.m. candle's close-to-high range): if it holds on a pullback and the funding rate comes down, the move could continue. If it falls below 0.0615, everyone who chased at 8 a.m. will be underwater; the next support to watch is the 3 a.m. candle's high at 0.053.
Looking back at my $TIA post yesterday afternoon: I said not to chase and to watch for support around 0.62 on a pullback. It never reached 0.62; the low was only 0.655, and it even rallied to 0.723 along the way. It's now around 0.688. Not chasing avoided a loss, but my pullback entry was set too low, so I missed part of the move.
This is only an observation of unusual market activity and does not constitute advice.
Gate perpetuals: AGT is currently around 0.0738, with a daily high of 0.0794 and low of 0.0323, and about 27.49 million U in 24-hour volume. Over the same period, BTC is around 81,490 (-1%). The broader market is falling, but this token is moving entirely on its own.
The move came in three stages:
At around 3 a.m., roughly 3.45 million U in volume drove the first push to 0.0531, but it was immediately knocked back to 0.043, leaving a long upper wick;
At 7 a.m., roughly 4.48 million U took it straight from 0.0497 to 0.0665;
From 8 a.m. until now, another roughly 4.24 million U pushed it to a daily high of 0.0794, where it is hovering around 0.073–0.074.
Yesterday, daytime hourly volume was mostly 330,000–1 million U. Now, several times that volume is driving the move.
The most striking thing is the funding rate: +0.164% per 4 hours. Longs have to pay nearly 1% a day, so the market is clearly crowded. With volume and funding this high, it either keeps squeezing shorts or drops hard and traps the people chasing in. This middle ground probably won't last.
My take:
Don't chase it—above 0.073, everyone is holding positions they entered this morning.
And don't stubbornly short it either; shorting into this kind of volume is just giving money away.
Watch the 0.0615–0.066 area (the 7 a.m. candle's close-to-high range): if it holds on a pullback and the funding rate comes down, the move could continue. If it falls below 0.0615, everyone who chased at 8 a.m. will be underwater; the next support to watch is the 3 a.m. candle's high at 0.053.
Looking back at my $TIA post yesterday afternoon: I said not to chase and to watch for support around 0.62 on a pullback. It never reached 0.62; the low was only 0.655, and it even rallied to 0.723 along the way. It's now around 0.688. Not chasing avoided a loss, but my pullback entry was set too low, so I missed part of the move.
This is only an observation of unusual market activity and does not constitute advice.