$EPIC suddenly caught fire in the afternoon, up about 34% over 24h and now sitting at 0.289.
First, let’s look at how it moved. EPIC perpetuals on Gate had been grinding along between 0.22 and 0.24 all morning, with just 30k–80k U per hour and little attention.
At around 13:00, roughly 380k U pushed the price from 0.228 to 0.295;
At 14:00, volume surged to around 1.41 million U, driving it to a daily high of 0.3321;
At 15:00, around 930k U, followed by 450k U at 16:00, sent it tumbling back down. It bottomed at 0.256, giving back more than 70% of the move from 0.228 to 0.332;
At 18:00, around 260k U fueled a rebound to 0.2935. From 19:00 to now, volume is only around 70k U.
Two details:
First, volume. This entire move relied on that one 14:00 candle. The volume behind the 18:00 rebound was less than a fifth of that, so this was a low-volume bounce.
Second, funding. It’s only +0.005%/4h, unlike those tokens with sky-high funding rates today. Longs aren’t crowded in the contracts, so for now there’s no fuel for a short squeeze, nor any funding pressure forcing traders to close their positions.
Meanwhile, BTC is around 81616 (-0.8%). The broader market didn’t help; this was its own move.
My take:
0.29–0.295 was the high of the 18:00 rebound. It’s reached this level on low volume, so I wouldn’t chase it.
To see a second leg, it needs to get back above 0.30 on volume in the millions of U. Then we can watch the previous high at 0.332.
If it drops below 0.256, most of this afternoon’s move will have been for nothing. The next level is the 13:00 starting point at 0.228.
Looking back at my $AGT post from this morning: it was at 0.0738 then. I said not to chase or force a short, and to watch 0.0615–0.066, with 0.053 in view if it broke below that range. It then plunged further to 0.105 on the 08:00 candle, so anyone forcing a short would have had a rough time—I was right not to force one. It later broke below 0.0615 three times, hitting a low of 0.0538 at 09:00, nearly reaching 0.053. At 15:00 and 17:00, it dropped to 0.059 and 0.058, respectively, but was pulled back each time. At 18:00, volume surged to around 4.58 million U and it climbed back to 0.078; it’s now around 0.076, roughly where it was when I posted. The call to watch 0.053 after a breakdown basically played out, but each break below support was quickly reversed. With tokens like this, allow for a wider range—don’t fixate on a single price.
For monitoring unusual activity only; this is not financial advice.
First, let’s look at how it moved. EPIC perpetuals on Gate had been grinding along between 0.22 and 0.24 all morning, with just 30k–80k U per hour and little attention.
At around 13:00, roughly 380k U pushed the price from 0.228 to 0.295;
At 14:00, volume surged to around 1.41 million U, driving it to a daily high of 0.3321;
At 15:00, around 930k U, followed by 450k U at 16:00, sent it tumbling back down. It bottomed at 0.256, giving back more than 70% of the move from 0.228 to 0.332;
At 18:00, around 260k U fueled a rebound to 0.2935. From 19:00 to now, volume is only around 70k U.
Two details:
First, volume. This entire move relied on that one 14:00 candle. The volume behind the 18:00 rebound was less than a fifth of that, so this was a low-volume bounce.
Second, funding. It’s only +0.005%/4h, unlike those tokens with sky-high funding rates today. Longs aren’t crowded in the contracts, so for now there’s no fuel for a short squeeze, nor any funding pressure forcing traders to close their positions.
Meanwhile, BTC is around 81616 (-0.8%). The broader market didn’t help; this was its own move.
My take:
0.29–0.295 was the high of the 18:00 rebound. It’s reached this level on low volume, so I wouldn’t chase it.
To see a second leg, it needs to get back above 0.30 on volume in the millions of U. Then we can watch the previous high at 0.332.
If it drops below 0.256, most of this afternoon’s move will have been for nothing. The next level is the 13:00 starting point at 0.228.
Looking back at my $AGT post from this morning: it was at 0.0738 then. I said not to chase or force a short, and to watch 0.0615–0.066, with 0.053 in view if it broke below that range. It then plunged further to 0.105 on the 08:00 candle, so anyone forcing a short would have had a rough time—I was right not to force one. It later broke below 0.0615 three times, hitting a low of 0.0538 at 09:00, nearly reaching 0.053. At 15:00 and 17:00, it dropped to 0.059 and 0.058, respectively, but was pulled back each time. At 18:00, volume surged to around 4.58 million U and it climbed back to 0.078; it’s now around 0.076, roughly where it was when I posted. The call to watch 0.053 after a breakdown basically played out, but each break below support was quickly reversed. With tokens like this, allow for a wider range—don’t fixate on a single price.
For monitoring unusual activity only; this is not financial advice.