$IDOL After an afternoon rebound came close to yesterday’s high, heavy-volume selling at 20:00 drove a wick below today’s low. The wick bottomed at 0.02882 and is now around 0.0291. First see whether it can hold; don’t rush to buy the dip.
From 15:00 to 16:00, about 7.03 million U drove the price from 0.0305 to 0.03486, just about 1% short of yesterday’s high of 0.03526. At 20:40, a five-minute candle with about 1.04 million U in volume made a new low at 0.02882, breaking below this morning’s low of 0.02920. The full 20:00 hour saw about 3.99 million U in volume. OI contract count fell from about 822 million last night to about 766 million; there was no increase in positions on the breakdown. Accounts were roughly balanced at 51%/49%, large traders were 61.5% net long, and the funding rate was +0.005%.
Starting at 08:00 tomorrow, about 97.29 million tokens—roughly 2.86 million U, or about 2.1% of total supply—will be unlocked linearly over the month. This is not a one-time flood of tokens, so tonight’s wick cannot be directly attributed to unlock-related selling.
Bullish view: wait for volume to contract above 0.02882 and for the price to hold 0.02920. This view is invalidated if heavy-volume selling continues and OI rises.
#IDOL反抽失败 #Wick breaks below the daily low
From 15:00 to 16:00, about 7.03 million U drove the price from 0.0305 to 0.03486, just about 1% short of yesterday’s high of 0.03526. At 20:40, a five-minute candle with about 1.04 million U in volume made a new low at 0.02882, breaking below this morning’s low of 0.02920. The full 20:00 hour saw about 3.99 million U in volume. OI contract count fell from about 822 million last night to about 766 million; there was no increase in positions on the breakdown. Accounts were roughly balanced at 51%/49%, large traders were 61.5% net long, and the funding rate was +0.005%.
Starting at 08:00 tomorrow, about 97.29 million tokens—roughly 2.86 million U, or about 2.1% of total supply—will be unlocked linearly over the month. This is not a one-time flood of tokens, so tonight’s wick cannot be directly attributed to unlock-related selling.
Bullish view: wait for volume to contract above 0.02882 and for the price to hold 0.02920. This view is invalidated if heavy-volume selling continues and OI rises.
#IDOL反抽失败 #Wick breaks below the daily low
