Technically, the contract data for $IRYS has diverged from its price (open interest down, price up): over 24 hours, open interest fell 42.15%, while the price rose 155.57%. The current price is 0.0813.
Next, watch for two things:
First, whether open interest starts to recover—a recovery may indicate new longs stepping in. Second, whether the price starts to lose momentum. If open interest keeps falling while the price stalls, it likely means short covering is nearing its end.
#IRYS
Next, watch for two things:
First, whether open interest starts to recover—a recovery may indicate new longs stepping in. Second, whether the price starts to lose momentum. If open interest keeps falling while the price stalls, it likely means short covering is nearing its end.
#IRYS