$INIT In my previous post, I said it needed to close above 0.21623 and hold. This time, it really did break through: the four-hour candle opened at 0.20598, hit a high of 0.33193, and is now at 0.28741—33% above that line. The low was 0.20339, making the full candle range 63.2%. Over 24 hours, it’s up 114.17%, and the current price is still 13.4% below the 0.33193 high.
Volume has come in too. 24-hour trading volume is 31.92 million USDT, up 53% from the 20.82 million in my previous post.
The derivatives market hasn’t caught up, though. The mark price is 0.26275, 8.6% below the current price. The funding rate is still negative at -1.07%, though it has narrowed from -1.47% in my previous post; it hasn’t turned positive. Spot has pushed all the way up, while the contract price is still lagging behind.
So I wouldn’t say it’s holding firm yet. If it breaks below the 0.26344 hourly low, it gives back this last leg of the move. If it breaks below 0.21623, the entire recovery this time will have been for nothing. The 63.2% move happened within a single four-hour candle—it wouldn’t take long to do it again.
#MarketHotspots
Volume has come in too. 24-hour trading volume is 31.92 million USDT, up 53% from the 20.82 million in my previous post.
The derivatives market hasn’t caught up, though. The mark price is 0.26275, 8.6% below the current price. The funding rate is still negative at -1.07%, though it has narrowed from -1.47% in my previous post; it hasn’t turned positive. Spot has pushed all the way up, while the contract price is still lagging behind.
So I wouldn’t say it’s holding firm yet. If it breaks below the 0.26344 hourly low, it gives back this last leg of the move. If it breaks below 0.21623, the entire recovery this time will have been for nothing. The 63.2% move happened within a single four-hour candle—it wouldn’t take long to do it again.
#MarketHotspots
