$INIT The previous post called for it to close above 0.21402 and stay there. This four-hour candle closed at 0.21623, 1.03% above the line. It reclaimed the line, but didn’t hold: the same candle peaked at 0.23727, and the close was 8.87% below the high. In the final hour, it fell from 0.23232 to 0.21623, down 6.93%, closing just 0.14% above that hour’s low. The candle itself gave back the move above the line; no need to wait for the next one.
Volume didn’t help either. 24-hour trading volume was 19.15 million USDT, about 24% higher than the 15.43 million at the time of the previous post. This four-hour candle traded 22.55 million coins, also up from 19.57 million in the previous candle. Volume came in, but price fell back from the high to the line. The buying power went into back-and-forth movement, not pushing higher.
The derivatives market hasn’t eased up either. The funding rate was -0.98447%, down further from -0.909% in the previous post. The mark price was 0.2108, 2.75% below the current price of 0.21676; the discount is virtually unchanged. Spot reclaimed the line, but the futures price is still hanging below it.
Next, watch whether the 0.21623 close can hold above the line, rather than being pushed back down by another hourly move like -6.93%. If this candle’s low of 0.19668 breaks, this move above the line will have been just a wick. Keep the other side in view, too: the 8.87% drop from 0.23727 to the close happened within the same four-hour candle, and it could happen again in a single candle.
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Volume didn’t help either. 24-hour trading volume was 19.15 million USDT, about 24% higher than the 15.43 million at the time of the previous post. This four-hour candle traded 22.55 million coins, also up from 19.57 million in the previous candle. Volume came in, but price fell back from the high to the line. The buying power went into back-and-forth movement, not pushing higher.
The derivatives market hasn’t eased up either. The funding rate was -0.98447%, down further from -0.909% in the previous post. The mark price was 0.2108, 2.75% below the current price of 0.21676; the discount is virtually unchanged. Spot reclaimed the line, but the futures price is still hanging below it.
Next, watch whether the 0.21623 close can hold above the line, rather than being pushed back down by another hourly move like -6.93%. If this candle’s low of 0.19668 breaks, this move above the line will have been just a wick. Keep the other side in view, too: the 8.87% drop from 0.23727 to the close happened within the same four-hour candle, and it could happen again in a single candle.
#MarketAnalysis
