IOST surged from 0.00075 to 0.0019 in two days, but has now fallen back to around 0.00092, giving back more than 80% of its gains. I’m not catching this falling knife.
The catalyst was the mandatory IOST v4.0.0 mainnet upgrade. The official announcement was posted on October 19, and Coincheck announced that the upgrade would take place around 3 p.m. Beijing time on October 21.
The Binance IOST/USDT spot pair touched 0.001908 on the 1 a.m. hourly candle today. Daily trading volume ballooned from about 100,000 USDT on October 19 to around 52.7 million on October 21.
The futures market tells an even clearer story: the value of Binance’s IOST open interest climbed from about $1.9 million at 4 p.m. on October 20 to around $16.26 million at 4 a.m. today. The funding rate briefly hit -1.25% at 8 a.m. today (settled hourly), and has now returned to around -0.04%.
I think the upgrade is routine maintenance and doesn’t change the fundamentals. This rally looks more like a small-cap coin being pushed up by futures traders, with prices pulling back once the short squeeze is over.
If it breaks below today’s low of 0.00090, I’ll look toward the starting point of the rally at 0.00075. If it climbs back above 0.0012 on strong volume, I’ll reconsider.
Do you think IOST will return to its starting point at 0.00075, or find support around 0.0009?
$IOST
#IOST #Altcoins
The catalyst was the mandatory IOST v4.0.0 mainnet upgrade. The official announcement was posted on October 19, and Coincheck announced that the upgrade would take place around 3 p.m. Beijing time on October 21.
The Binance IOST/USDT spot pair touched 0.001908 on the 1 a.m. hourly candle today. Daily trading volume ballooned from about 100,000 USDT on October 19 to around 52.7 million on October 21.
The futures market tells an even clearer story: the value of Binance’s IOST open interest climbed from about $1.9 million at 4 p.m. on October 20 to around $16.26 million at 4 a.m. today. The funding rate briefly hit -1.25% at 8 a.m. today (settled hourly), and has now returned to around -0.04%.
I think the upgrade is routine maintenance and doesn’t change the fundamentals. This rally looks more like a small-cap coin being pushed up by futures traders, with prices pulling back once the short squeeze is over.
If it breaks below today’s low of 0.00090, I’ll look toward the starting point of the rally at 0.00075. If it climbs back above 0.0012 on strong volume, I’ll reconsider.
Do you think IOST will return to its starting point at 0.00075, or find support around 0.0009?
$IOST
#IOST #Altcoins