$PARTI The hourly candle at 2 a.m. this morning saw about 2.99 million U in trading volume, touched the daily high of 0.06423, then dropped back to 0.056—this hit harder than the midnight and 1 a.m. candles combined. Don’t tell me this is the start of a trend. This was a short-squeeze pulse, forcing shorts to pay up; once it was over, it fizzled out.
Gate perpetuals are now around 0.0573, up about 47% over 24 hours, with a daily high of 0.06423 and low of 0.03116, and about 13.15 million U in volume. Funding is still negative (currently around -0.08% per period, and briefly near -0.4% around 2 a.m.); shorts are paying. Meanwhile, BTC is around 78,000, down about 2% over 24 hours. Bitcoin is in the red, while PARTI climbed from just above 0.03 all the way to the daily high. I also couldn’t find any major public news that lines up with the 02:00 timestamp. My read: a short-squeeze/chasing pulse in a thin order book.
Here’s how the price action unfolded:
Last night around 8 or 9 p.m., it was still hovering near 0.038, with volume around 1.08 million tokens and notional volume around 420,000 U. The account long/short ratio still skewed long. At 10 p.m., it first dropped to around 0.032, with notional volume shrinking along with it.
It started picking up at midnight. The hourly candle saw about 1.14 million U in volume, pushing from 0.0347 to 0.046 and closing at 0.0463; token volume was around 1.11 million, with notional volume rising to about 400,000 U.
The rally continued at 1 a.m. The hourly candle again saw about 1.14 million U, reaching around 0.05865 before pulling back to close at 0.056; token volume rose to around 1.21 million, with notional volume near 570,000 U—someone was willing to pay up and add to their position.
2 a.m. was the main event. The hourly candle saw about 2.99 million U, first spiking to the daily high of 0.06423, then plunging back to around 0.053 within the same hour, and closing at 0.056. Notional volume peaked at around 670,000 U, and funding turned sharply negative—shorts were being squeezed into paying up. Things were still choppy at 3 a.m.: about 1.86 million U in volume, a low of 0.0507, then a rebound to 0.063, closing at 0.060. From 4 to 7 a.m., it mostly traded back and forth between 0.056 and 0.063, while volume stepped down from 1.1 million U.
At 8 a.m., another burst of about 1.44 million U came in: it first dropped to 0.055, then rebounded to 0.059, with token volume rising from around 1.19 million to around 1.27 million. After 9 a.m., volume fell to 300,000–400,000 U an hour, and the price wavered between 0.056 and 0.059. Token volume was still around 1.28–1.32 million, with notional volume around 750,000–780,000 U, while the account long/short ratio had flipped from skewing long to skewing short.
My take: the 0.057–0.059 zone is a halfway-up-the-mountain consolidation after the spike, not a place to chase a long. If you want to trade it, consider a small short if it rebounds toward 0.060–0.062 on declining volume, initially targeting 0.052–0.054. The invalidation is simple: if an hourly candle closes firmly above the daily high of 0.06423, and token volume gets back above 1.35 million or notional volume climbs above 850,000 U, that would show buyers are still willing to put real money behind extending the squeeze. Close the short.
Looking back at yesterday’s MVLL: I wrote that 25.5–26 was halfway up the mountain and not a place to buy the dip, and that a light short on a rebound could target around 24. It’s now around 20.7, having broken through the target and continuing to weaken. That trade worked, and the move was harsher than expected. As for BLESS, yesterday I said not to chase it near the highs; it rallied again today, so that call was only half right—the warning kept you from chasing the top, but you also missed the follow-up spike. Q remains weak below 0.05; the pullback after the earlier move that proved me wrong has, at least, played out.
In short: this PARTI move was a short-squeeze pulse overnight, not a reason to chase a trend at 0.057. Wait for volume to fade and for a rebound. Don’t play hero halfway up the mountain.
Gate perpetuals are now around 0.0573, up about 47% over 24 hours, with a daily high of 0.06423 and low of 0.03116, and about 13.15 million U in volume. Funding is still negative (currently around -0.08% per period, and briefly near -0.4% around 2 a.m.); shorts are paying. Meanwhile, BTC is around 78,000, down about 2% over 24 hours. Bitcoin is in the red, while PARTI climbed from just above 0.03 all the way to the daily high. I also couldn’t find any major public news that lines up with the 02:00 timestamp. My read: a short-squeeze/chasing pulse in a thin order book.
Here’s how the price action unfolded:
Last night around 8 or 9 p.m., it was still hovering near 0.038, with volume around 1.08 million tokens and notional volume around 420,000 U. The account long/short ratio still skewed long. At 10 p.m., it first dropped to around 0.032, with notional volume shrinking along with it.
It started picking up at midnight. The hourly candle saw about 1.14 million U in volume, pushing from 0.0347 to 0.046 and closing at 0.0463; token volume was around 1.11 million, with notional volume rising to about 400,000 U.
The rally continued at 1 a.m. The hourly candle again saw about 1.14 million U, reaching around 0.05865 before pulling back to close at 0.056; token volume rose to around 1.21 million, with notional volume near 570,000 U—someone was willing to pay up and add to their position.
2 a.m. was the main event. The hourly candle saw about 2.99 million U, first spiking to the daily high of 0.06423, then plunging back to around 0.053 within the same hour, and closing at 0.056. Notional volume peaked at around 670,000 U, and funding turned sharply negative—shorts were being squeezed into paying up. Things were still choppy at 3 a.m.: about 1.86 million U in volume, a low of 0.0507, then a rebound to 0.063, closing at 0.060. From 4 to 7 a.m., it mostly traded back and forth between 0.056 and 0.063, while volume stepped down from 1.1 million U.
At 8 a.m., another burst of about 1.44 million U came in: it first dropped to 0.055, then rebounded to 0.059, with token volume rising from around 1.19 million to around 1.27 million. After 9 a.m., volume fell to 300,000–400,000 U an hour, and the price wavered between 0.056 and 0.059. Token volume was still around 1.28–1.32 million, with notional volume around 750,000–780,000 U, while the account long/short ratio had flipped from skewing long to skewing short.
My take: the 0.057–0.059 zone is a halfway-up-the-mountain consolidation after the spike, not a place to chase a long. If you want to trade it, consider a small short if it rebounds toward 0.060–0.062 on declining volume, initially targeting 0.052–0.054. The invalidation is simple: if an hourly candle closes firmly above the daily high of 0.06423, and token volume gets back above 1.35 million or notional volume climbs above 850,000 U, that would show buyers are still willing to put real money behind extending the squeeze. Close the short.
Looking back at yesterday’s MVLL: I wrote that 25.5–26 was halfway up the mountain and not a place to buy the dip, and that a light short on a rebound could target around 24. It’s now around 20.7, having broken through the target and continuing to weaken. That trade worked, and the move was harsher than expected. As for BLESS, yesterday I said not to chase it near the highs; it rallied again today, so that call was only half right—the warning kept you from chasing the top, but you also missed the follow-up spike. Q remains weak below 0.05; the pullback after the earlier move that proved me wrong has, at least, played out.
In short: this PARTI move was a short-squeeze pulse overnight, not a reason to chase a trend at 0.057. Wait for volume to fade and for a rebound. Don’t play hero halfway up the mountain.