From a structural perspective, the contract data and price of $IRYS have diverged (open interest down, price up): over 24 hours, open interest -12.33%, price +18.75%, current price 0.03798.
Next, confirm two points:
First, whether open interest will recover again—an increase often means new longs are entering;
Second, whether the price starts to lose upward momentum. If open interest keeps declining and price flattens, it often means the short-covering phase is nearly over.
Next, confirm two points:
First, whether open interest will recover again—an increase often means new longs are entering;
Second, whether the price starts to lose upward momentum. If open interest keeps declining and price flattens, it often means the short-covering phase is nearly over.