$AGT , which we talked about last night, gave back a large chunk of its gains within a day.
Perpetuals are now around 0.0349, with a 24-hour high of 0.0558 and a low of 0.0321, down about 35%. I still haven't found any announcement or fundamental news behind this rally. It was driven by futures trading when it went up, and the same is true on the way down.
The open interest says it all: at 10 p.m. last night, its value was about 24.24 million U; at the same time tonight, it was about 13.85 million U, a drop of more than 40%. Price and open interest falling together means longs are closing their positions and exiting, not that new shorts are piling in. The funding rate has also returned to around 0.005%; the squeeze momentum is gone.
I'm bearish on AGT. The reason is simple: open interest is still at 13.85 million U, well above its level before the rally, so positions without any news to support them haven't fully unwound. Before I'd consider turning bullish, I'd at least want to see open interest stop falling and price reclaim the 0.045 area on strong volume. Neither has happened yet.
#AGT $AGT
Perpetuals are now around 0.0349, with a 24-hour high of 0.0558 and a low of 0.0321, down about 35%. I still haven't found any announcement or fundamental news behind this rally. It was driven by futures trading when it went up, and the same is true on the way down.
The open interest says it all: at 10 p.m. last night, its value was about 24.24 million U; at the same time tonight, it was about 13.85 million U, a drop of more than 40%. Price and open interest falling together means longs are closing their positions and exiting, not that new shorts are piling in. The funding rate has also returned to around 0.005%; the squeeze momentum is gone.
I'm bearish on AGT. The reason is simple: open interest is still at 13.85 million U, well above its level before the rally, so positions without any news to support them haven't fully unwound. Before I'd consider turning bullish, I'd at least want to see open interest stop falling and price reclaim the 0.045 area on strong volume. Neither has happened yet.
#AGT $AGT
