Everyone, at $PENGU , the selling pressure is easing tier by tier.
I checked a few sources. Here’s my synthesis.
Thirty days: -22.543%; seven days: -4.999%; twenty-four hours: -1.863%.
Look at all three timeframes together, and the downtrend is losing steam.
Over the same period, $BTC was basically flat, while $ETH rose 1.019%. This drop isn’t being caused by the broader market.
The current price is 0.007164. The 30-day range is 0.00659 to 0.010045,
putting it at the 16.614th percentile. It’s right near the floor, with plenty of room above. For now, I’m just watching more closely,
not rushing in.
Trading volume was 27.0096 million USDT, and open interest was 4.2748 billion tokens. The price has been drifting down, but positions in the futures market haven’t followed suit and unwound.
There are more crowded short positions than long positions at this level.
A crowded short position doesn’t mean the shorts will win.
The funding rate is still at +0.005%, in positive territory. If a short squeeze were really imminent, the rate would have turned negative by now. It hasn’t, which suggests longs are still paying to hold on. Neither side has given up.
At first glance, I thought I must have read it wrong. I double-checked twice before believing it: down more than 20% over thirty days, yet only down 1.863% in the past day.
A sharp drop turning into a slow bleed means tokens are changing hands; it doesn’t mean the industry’s fundamentals collapsed overnight. With these older NFT projects, what’s changed is that fewer people are willing to buy in. The sector itself hasn’t changed.
It’s not falling much further, but it’s not rising quickly either.
I’ve seen this kind of market action a lot. It’s like a reservoir level just dropping to the lower mark on the gauge. The gates are still closed, so downstream shouldn’t rush to call it a flood.
Where liquidity is thin, even a modest order can push the price a long way. Shorts may not find it so easy to cash out, either.
What do you make of this low-volume bottoming action? Let’s talk in the comments.
#NEAR #以太坊 #Cryptocurrency
These are personal trading-system notes and observations of market data, not investment advice.
I checked a few sources. Here’s my synthesis.
Thirty days: -22.543%; seven days: -4.999%; twenty-four hours: -1.863%.
Look at all three timeframes together, and the downtrend is losing steam.
Over the same period, $BTC was basically flat, while $ETH rose 1.019%. This drop isn’t being caused by the broader market.
The current price is 0.007164. The 30-day range is 0.00659 to 0.010045,
putting it at the 16.614th percentile. It’s right near the floor, with plenty of room above. For now, I’m just watching more closely,
not rushing in.
Trading volume was 27.0096 million USDT, and open interest was 4.2748 billion tokens. The price has been drifting down, but positions in the futures market haven’t followed suit and unwound.
There are more crowded short positions than long positions at this level.
A crowded short position doesn’t mean the shorts will win.
The funding rate is still at +0.005%, in positive territory. If a short squeeze were really imminent, the rate would have turned negative by now. It hasn’t, which suggests longs are still paying to hold on. Neither side has given up.
At first glance, I thought I must have read it wrong. I double-checked twice before believing it: down more than 20% over thirty days, yet only down 1.863% in the past day.
A sharp drop turning into a slow bleed means tokens are changing hands; it doesn’t mean the industry’s fundamentals collapsed overnight. With these older NFT projects, what’s changed is that fewer people are willing to buy in. The sector itself hasn’t changed.
It’s not falling much further, but it’s not rising quickly either.
I’ve seen this kind of market action a lot. It’s like a reservoir level just dropping to the lower mark on the gauge. The gates are still closed, so downstream shouldn’t rush to call it a flood.
Where liquidity is thin, even a modest order can push the price a long way. Shorts may not find it so easy to cash out, either.
What do you make of this low-volume bottoming action? Let’s talk in the comments.
#NEAR #以太坊 #Cryptocurrency
These are personal trading-system notes and observations of market data, not investment advice.
