I took another look at $H this afternoon.
Not because there was much going on, but because that red candle was so clean.
The contract price plunged from 0.044 to 0.031,
with the current price around 0.032, down roughly 27% in a day.
Trading volume wasn't particularly high, at around 16.2 million U,
and Binance doesn't have a spot pair for it either.
What's more awkward is that positions haven't unwound yet:
the number of contracts open actually rose by about 7% in a day,
while their notional value fell with the price to around 6.16 million U,
and longs still account for about 67% of accounts.
According to the public unlock calendar, on November 23
there's another unlock of around 293 million tokens,
roughly 14% of the circulating supply.
I couldn't find any new statement from the project team today,
so for now I'm attributing this to sentiment and supply expectations, rather than spinning a new story.
$H #Humanity #Unlock
Personal opinion only; not investment advice.
Not because there was much going on, but because that red candle was so clean.
The contract price plunged from 0.044 to 0.031,
with the current price around 0.032, down roughly 27% in a day.
Trading volume wasn't particularly high, at around 16.2 million U,
and Binance doesn't have a spot pair for it either.
What's more awkward is that positions haven't unwound yet:
the number of contracts open actually rose by about 7% in a day,
while their notional value fell with the price to around 6.16 million U,
and longs still account for about 67% of accounts.
According to the public unlock calendar, on November 23
there's another unlock of around 293 million tokens,
roughly 14% of the circulating supply.
I couldn't find any new statement from the project team today,
so for now I'm attributing this to sentiment and supply expectations, rather than spinning a new story.
$H #Humanity #Unlock
Personal opinion only; not investment advice.