$HOT This rally looks lively, but OI has tripled from 4 billion to 12 billion, and the pileup of positions is alarming. Massive volume kicked in at 23:00, price surged to 0.00046 at 04:00, then pushed up to 0.000467 again at 12:00 before being slammed back down.
The funding rate plunged to -0.17%, meaning longs are paying. RSI has just reached around 50, and the price action strongly suggests distribution at the highs. Resistance from the trendline overhead is holding, while short-term support is also being tested.
Don’t chase unless it reclaims 0.00044. A break below 0.00041 would make things even weaker. Not investment advice.
#HOT #Market Analysis
The funding rate plunged to -0.17%, meaning longs are paying. RSI has just reached around 50, and the price action strongly suggests distribution at the highs. Resistance from the trendline overhead is holding, while short-term support is also being tested.
Don’t chase unless it reclaims 0.00044. A break below 0.00041 would make things even weaker. Not investment advice.
#HOT #Market Analysis
