$BMT 24 hours +11.25%, while this four-hour candle is -4.85%.
The gains didn’t just appear now; they were made earlier in the window: the four-hour candle opened at 0.02639, peaked at 0.02699, and closed at 0.02511—6.97% below the high and just 1.54% above the low of 0.02473. The full range was 9.14%, with the close 17% of the way up from the bottom.
The final hour was up 0.48%, on 23% of the four-hour candle’s volume, and still 0.84% below the one-hour high of 0.02532. Volume came in, but price didn’t follow through.
Derivatives data points in the opposite direction to spot. The funding rate is -0.2604%—a negative rate means shorts pay and longs receive. The mark price at 0.02493 is 0.72% below spot. Spot is up 11.25% over 24 hours, yet the contract price remains below spot, showing no premium for that rally.
For this move to have more room to run, price first needs to close above 0.02699 and hold there. If 0.02473 breaks, the 24-hour gains could start unwinding from the tail end. Keep the opposite scenario in mind, too: 24-hour trading volume of 11.07 million USDT has only just cleared the threshold, and with a 9.14% range, another four-hour candle could easily make a similar move in either direction.
#MarketAnalysis
The gains didn’t just appear now; they were made earlier in the window: the four-hour candle opened at 0.02639, peaked at 0.02699, and closed at 0.02511—6.97% below the high and just 1.54% above the low of 0.02473. The full range was 9.14%, with the close 17% of the way up from the bottom.
The final hour was up 0.48%, on 23% of the four-hour candle’s volume, and still 0.84% below the one-hour high of 0.02532. Volume came in, but price didn’t follow through.
Derivatives data points in the opposite direction to spot. The funding rate is -0.2604%—a negative rate means shorts pay and longs receive. The mark price at 0.02493 is 0.72% below spot. Spot is up 11.25% over 24 hours, yet the contract price remains below spot, showing no premium for that rally.
For this move to have more room to run, price first needs to close above 0.02699 and hold there. If 0.02473 breaks, the 24-hour gains could start unwinding from the tail end. Keep the opposite scenario in mind, too: 24-hour trading volume of 11.07 million USDT has only just cleared the threshold, and with a 9.14% range, another four-hour candle could easily make a similar move in either direction.
#MarketAnalysis
