$HOT 24 hours +27.56%, and the final hour also moved +7.93%, closing at 0.000449, just 2.4% below this four-hour candle’s high of 0.00046.
How the volume was distributed in this four-hour candle is more interesting than the rise itself. The last hour traded 1.37 billion units, accounting for 61.7% of the entire 2.23 billion units in the candle, and the high was also made during that hour; over the first three hours, price barely moved, with all the momentum concentrated at the end.
But derivatives didn’t follow. The funding rate was -0.4707%, and the mark price was 0.0004244, 5.48% below spot. Spot rose 27.56% in 24 hours, yet futures were still trading below spot, meaning this move did not translate into a premium in funding costs.
So the 0.00046 line is still unresolved: if it closes above and holds there, only then can the final hour’s move be considered absorbed; if 0.00041, this one-hour low, breaks, then the entire end-of-candle volume gets given back.
The reverse case is also worth keeping in mind: 24-hour trading volume was 9.28 million USDT. At this scale, it can push 7.93% in one hour, and just as easily give that entire move back in the same hour.
#market-hotspots
How the volume was distributed in this four-hour candle is more interesting than the rise itself. The last hour traded 1.37 billion units, accounting for 61.7% of the entire 2.23 billion units in the candle, and the high was also made during that hour; over the first three hours, price barely moved, with all the momentum concentrated at the end.
But derivatives didn’t follow. The funding rate was -0.4707%, and the mark price was 0.0004244, 5.48% below spot. Spot rose 27.56% in 24 hours, yet futures were still trading below spot, meaning this move did not translate into a premium in funding costs.
So the 0.00046 line is still unresolved: if it closes above and holds there, only then can the final hour’s move be considered absorbed; if 0.00041, this one-hour low, breaks, then the entire end-of-candle volume gets given back.
The reverse case is also worth keeping in mind: 24-hour trading volume was 9.28 million USDT. At this scale, it can push 7.93% in one hour, and just as easily give that entire move back in the same hour.
#market-hotspots
