$CYBER 12 hours ago, that post was still waiting for a close above 0.394. This candle peaked at 0.385, falling 2.3% short, and that high was only reached in the final hour. It then dropped back to 0.36 in that same hour, leaving the entire four-hour candle nearly flat. The 24-hour gain is still +32.84%.
Trading volume over these four hours was 6.32 million coins, compared with 13.33 million coins in the four-hour period 12 hours ago—a 53% drop. The high was lower, and volume was down to half, so the push upward was weaker than before.
Costs point the same way: they don't support a continued rise. The funding rate widened to -0.1360%, nearly three times as negative as before; the mark price was at a 0.75% discount to spot, whereas it was almost at parity then.
I wouldn't read this candle as just a pullback. For the next leg up to remain in play, price first needs to close above 0.385 and hold there. If it breaks below this candle's four-hour low of 0.351, the whole range shifts down.
I'll also keep the opposite scenario in mind: this four-hour candle had a 9.7% high-low range, and the 24-hour gain is still there. A single candle could make another move of this size, so either direction would not be surprising.
#MarketAnalysis
Trading volume over these four hours was 6.32 million coins, compared with 13.33 million coins in the four-hour period 12 hours ago—a 53% drop. The high was lower, and volume was down to half, so the push upward was weaker than before.
Costs point the same way: they don't support a continued rise. The funding rate widened to -0.1360%, nearly three times as negative as before; the mark price was at a 0.75% discount to spot, whereas it was almost at parity then.
I wouldn't read this candle as just a pullback. For the next leg up to remain in play, price first needs to close above 0.385 and hold there. If it breaks below this candle's four-hour low of 0.351, the whole range shifts down.
I'll also keep the opposite scenario in mind: this four-hour candle had a 9.7% high-low range, and the 24-hour gain is still there. A single candle could make another move of this size, so either direction would not be surprising.
#MarketAnalysis
