$HUMA The two observations from the post I left in the early hours only came halfway true in this four-hour candle: the low was breached, falling from 0.01667 to 0.01652, and the funding rate moved from -0.0482% to -0.2032%—more than four times as negative, finally moving away from the zero line. The half that didn’t materialize was volume: 24-hour trading volume rose from 11.70 million to 12.09 million USDT, up just 3.3%.
Price also didn’t continue lower after breaking the low. This four-hour candle opened at 0.01688, first surged to 0.01774, then fell to 0.01652, and finally closed at 0.01683, down 0.30% overall—1.9% above the low and 5.1% below the high. The break below the low was real, and so was the recovery.
The 24-hour change is -23.60%, nearly 4 percentage points deeper than the -19.71% recorded four hours ago. The mark price is 0.016739, a 0.54% discount to spot, slightly wider than the 0.23% at the time of my previous post.
So the read has changed: in the early hours, price was pinned near the low while funding costs were still hovering around the zero line; now funding costs have moved first, and price hasn’t followed. To say the downtrend is truly extending, we’d need to see trading volume expand significantly if 0.01652 is broken again. Conversely, if price closes above 0.01774 and holds there, this break below the low will have been a false move. The reading at the 08:00 settlement is more worth watching than price simply grinding sideways.
#MarketAnalysis
Price also didn’t continue lower after breaking the low. This four-hour candle opened at 0.01688, first surged to 0.01774, then fell to 0.01652, and finally closed at 0.01683, down 0.30% overall—1.9% above the low and 5.1% below the high. The break below the low was real, and so was the recovery.
The 24-hour change is -23.60%, nearly 4 percentage points deeper than the -19.71% recorded four hours ago. The mark price is 0.016739, a 0.54% discount to spot, slightly wider than the 0.23% at the time of my previous post.
So the read has changed: in the early hours, price was pinned near the low while funding costs were still hovering around the zero line; now funding costs have moved first, and price hasn’t followed. To say the downtrend is truly extending, we’d need to see trading volume expand significantly if 0.01652 is broken again. Conversely, if price closes above 0.01774 and holds there, this break below the low will have been a false move. The reading at the 08:00 settlement is more worth watching than price simply grinding sideways.
#MarketAnalysis
